Interchange fees

Sen. Dick Durbin, the Senate's No. 2 Democrat, announced he will not seek reelection in 2026, concluding more than four decades in Congress. The Illinois lawmaker leaves behind a notable imprint on U.S. financial policy, particularly regarding swipe fees.

While debit cards are less profitable, payment experts say they're still an important way to build relationships with consumers.

Trade groups, citing federal banking conflicts, are asking for summary judgment to permanently block a state law banning interchange fees on taxes and tips.

Visa and Mastercard have long been in legal battles over payment fees, with out-of-court agreements proving elusive.

In a Senate Judiciary hearing Tuesday morning, some Republican lawmakers signaled openness to joining their Democratic counterparts in supporting the Credit Card Competition Act.

Senate Majority Whip Dick Durbin, D-Ill., has scheduled a hearing on swipe fees for Nov. 19, but executives from Visa and Mastercard aren't among the confirmed witnesses for the lame duck hearing.

The Federal Reserve Board's top payments official said the agency should not move forward with its push to lower the cap on debit interchange fees until it has a better understanding of recent Supreme Court decisions.

A digital dollar is likely on the way out in favor of non-government crypto, but those betting for fewer restrictions on fees and less antitrust litigation will likely be disappointed.

A Supreme Court ruling from earlier this year regarding national bank preemption is already playing a prominent role in the banking sector's challenge to a state law on charge card fees.

Interchange reductions for small Canadian businesses join global efforts to curb swipe fees, prompting Visa and Mastercard to diversify