Illinois Senator Dick Durbin spoke in Chicago about the Credit Card Competition Act and the benefits it can have on consumers Friday.
The bipartisan legislation would enhance competition and choice in the credit card network market, the senator says.
The bill would direct the Federal Reserve to ensure that the largest credit card-issuing banks offer a choice of at least two networks for credit purchases. It also would eliminate some credit card fees, as well.Right now, the market is dominated by the Visa-Mastercard duopoly. Durbin and two other senators sent a letter to Visa and Mastercard about their upcoming plans to increase credit card swipe fees on merchants and consumers this fall.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Durbin pushes legislation to reduce credit card 'swipe fees'Opponents have said processing fees charged by credit card companies fund popular rewards programs, which could go away if the bill is passed.
Read more »
Durbin pushes legislation to reduce credit card 'swipe fees'Credit card rewards and airline miles could become a thing of the past, thanks to a new bill proposed in Congress, at least according to opponents of the Credit Card Competition Act introduced by U.S. Sen. Dick Durbin (D-Illinois).
Read more »
Credit card rates are practically in ‘loan shark' territory as they hit record highs, advisor saysCredit card rates and debt are at an all-time high as the Federal Reserve raised borrowing costs to tame inflation.
Read more »
Olivia Plath Sets Record Straight on Kim Plath's Credit Card FraudOlivia Plath took to social media to share her side of the story about her mother-in-law Kim Plath's credit card fraud scandal
Read more »
Sen. Josh Hawley's credit card rate cap bill should spark zero interest from fellow lawmakersThe Missouri Republican's interest ceiling is a leftist price control by another name.
Read more »
Sen. Josh Hawley's credit card rate cap bill should spark zero interest from fellow lawmakersThe Missouri Republican's interest ceiling is a leftist price control by another name.
Read more »