Durbin wins on interchange fees
May 14, 2010 | federal legislation, industry | Comments (0)From The Hill:
The Senate on Thursday passed controversial legislation clamping down on fees that card issuers charge merchants, handing Senate Majority Whip Dick Durbin (D-Ill.) a major victory.
As part of debate on the Wall Street overhaul, the Senate passed, 64-33, legislation championed by Durbin that drew significant Republican support. Ten Democrats opposed the legislation, while 17 Republicans crossed aisles to support a bill that aims to rein in fees that are placed on debit cards.
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