Durbin Calls $6.6 Billion Visa Swipe-Fee Accord a Bad Deal
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U.S. Senator Richard Durbin, who won federal limits on debit-card swipe fees, said merchants should “think hard” before signing a $6.6 billion settlement with Visa Inc., MasterCard Inc. and banks over credit-card fees.
“This is a stunning giveaway to Visa and MasterCard,” Durbin, the Senate’s second-ranking Democrat, said in remarks last week, according to the Congressional Record. “This is a bad deal, but it is not a done deal. The merchant plaintiffs still have to decide if they will support it.”