U.S. Banks Say Fed Should Scrap Proposed Debit Caps

Bloomberg | February 14, 2011

“The Fed’s approach ‘misinterprets and misapplies the Durbin amendment,’ said a summary of a meeting between the [Fed] Board of Governors and the Federal Advisory Council dated Feb. 4 and released today by the central bank. ‘The results would be extremely damaging to consumers, the U.S. payment systems and financial institutions of all sizes.'”

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