Banks Urge Fed to Withdraw Rule Lowering Cap on Debit Interchange Fees
PYMNTS.com - 2024-05-10T23:58:54.000Z

Beyond the Consumer Financial Protection Bureau (CFPB)’s new rule that would cap credit card late fees, banks are girding for the impact of the Federal Reserve’s updated Reg II proposal, which would cap debit interchange fees. This past October, the Fed unveiled its proposal to lower the ceiling on what banks can charge for debit […]

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Clark Howard has advised consumers to avoid paying with debit cards for years. His reasoning is pretty simple: When compared to credit cards, they offer inferior consumer protections. Plus, you could be leaving 2% cash back (or more) on the table by not using a cash back credit card. But Clark is prepared to break […]
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In related news

The rule capping credit card late fees at $8 is on hold — here’s what it means for you

Bank of England set to hold rates as Europe's central banks diverge from Fed

Why Clark Is Prepared To Break His 'No Debit Cards' Rule