The Federal Reserve Board’s proposed caps on debit-card transaction fees have drawn “broad and deep opposition” from U.S. banks and payment networks and should be withdrawn, according to an industry panel.
The Fed’s approach “misinterprets and misapplies the Durbin amendment,” said a summary of a meeting between the Board of Governors and the Federal Advisory Council dated Feb. 4 and released today by the central bank. “The results would be extremely damaging to consumers, the U.S. payment systems and financial institutions of all sizes.”
