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Banks Want to Raise Debit-Card Swipe Fees. Republicans Say No

  • House said to strip contentious measure from Dodd-Frank revamp
  • Durbin amendment has cost lenders an estimated $9 billion
Updated on

Wal-Mart and other retailers have beat back the finance industry’s latest lobbying campaign to let banks charge stores higher fees when customers use debit cards, according to two congressional aides with direct knowledge of the matter.

House Republicans have been working on legislation to kill off key parts of the Dodd-Frank banking reform law, which imposed restrictions on Wall Street in the aftermath of the financial crisis. While banks dislike many aspects of the 2010 law, they have particular disdain for a provision known as the Durbin amendment that limits swipe fees, saying the caps have cost them billions of dollars in lost revenue.