WASHINGTON - Shares in Visa and Mastercard slid on Wednesday on news the U.S. Federal Reserve is expected to propose lowering the fees banks can charge retailers for processing debit-card transactions.
The cap has long been contentious, pitting credit card providers and banks against retailers who complain "swipe fees" are too high and hurt consumers. Any proposed Fed changes will likely spark a fierce lobbying battle between the industries.Visa and Mastercard provide cards and processing infrastructure to banks and retailers respectively and would earn less revenue if debit processing fees drop.
"The Fed will be trying to thread the needle, reducing the cap enough to mollify the merchants without excessively punishing its own regulated entities," said Ian Katz, managing director of policy research firm Capital Alpha Partners.Hold quality growth stocks such as Okta and WSP Global in your TFSA to benefit from outsized gains over time. The post TFSA: Invest in These 2 Stocks for a Real Shot at $1 Million appeared first on The Motley Fool Canada.
TORONTO — Scotiabank is cutting about three per cent of its global workforce as a result of changes at the bank and customers' day-to-day banking preferences, as well as ongoing efforts to streamline operations, the bank announced Wednesday. It will also take several charges that total $590 million after-tax, or about 49 cents per share, for its fourth quarter related to the cuts and other changes it is making.
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