Interchange fees

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

Vice President Kamala Harris could stoke a conflict between bankers and merchants over interchange fees as she targets high food prices as part of her presidential campaign.

The American Bankers Association and the Illinois Bankers Association, among other groups, say a state law barring swipe fees for taxes and tips should be preempted by federal law.

Illinois' recent move to prohibit the inclusion of taxes and tips in credit card interchange fees suggests that electronic transactions are too expensive and also that there are too many entities working unilaterally to reduce those costs.

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.