Inside these posts: Swipe fees

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Durbin to JPMorgan CEO Dimon: Stop whining

Sen. Dick Durbin, left, has criticized JPMorgan Chase CEO Jamie Dimon for his bank's swipe fees, among other issues. (Michael Tercha/Chicago Tribune; Bloomberg News)

JPMorgan Chase CEO Jamie Dimon, who is critical of a key provision in the financial reform law, has been taken to task by U.S. Sen. Dick Durbin (D.-Ill.) in a scathing letter.

“There is no need for you to threaten your customers with higher fees when you and your bank are already making money hand-over-fist,” Durbin wrote to Dimon about the threat of higher debit card fees. “And there is no need to make such threats in response to reform that simply tries to spare consumers from bearing the cost of interchange fees that are anticompetitive and unreasonably high.” Get the full story »

Move to delay debit card fee cap gains momentum

A legislative effort to delay and study a new law capping the swipe fees that retailers pay is picking up steam in Congress. Get the full story »

Fed seeks to cap debit-card fees at 12-cents a swipe

In a blow to the banking industry, U.S. Federal Reserve officials Thursday agreed to advance a proposal that would prevent banks from charging merchants “swipe fees” from debit cards that are higher than 12 cents per transaction.

“It’s going to be painful,” said Consumer Bankers Association President Richard Hunt. “If adopted, this will result in a significant reduction in revenue and efficiencies and have major negative implications for consumers.” Get the full story »