US Fed proposes shrinking fees banks charge on debit card transactions
© Reuters. FILE PHOTO: An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/File Photo
The proposal, which is now open to public feedback, marks the first time the Fed has adjusted the fee cap after it was first set in 2011. Banks charge retailers the fee when processing debit card transactions, and the Fed was ordered to limit those costs to a"reasonable and proportional" level as part of the 2010 Dodd-Frank financial reform law.
Retailers, who have pressed the Fed for a lower cap for years, were quick to praise the proposal Wednesday, while vowing to try and push the limit even lower.
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