Pro-banking SCOTUS hits again and we will pay for it . . .Retailers will have to live with a U.S. regulation they say lets banks overcharge merchants by $3 billion a year. The U.S. Supreme Court, without comment, on Tuesday left intact a Federal Reserve rule governing how much banks can collect for debit-card transactions. . . The rebuff is a victory for Charlotte-based Bank of America and Wells Fargo, the top U.S. debit-card issuers, preserving a multibillion-dollar revenue stream for the industry. The largest banks earn as much as 5 percent of their revenue from card fees. The rejection also benefits the leading debit-processing networks, Visa Inc. and MasterCard Inc. Disappointed by the Supreme Court’s move, the National Retail Federation said it will mean retailers “will keep paying billions of dollars more than they should and that fee-hungry banks will continue to rake in unearned profits that ultimately come out of consumers’ pockets.”
Posted on: Tue, 20 Jan 2015 18:20:10 +0000
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