Payments News

RILA Calls for Action on the Fed’s Debit Cap As Powell Testifies Before Congress

Feb 12, 2020
Federal Reserve Board chairman Jerome Powell is testifying before Congress this week, and mixed in with questions and answers about interest rates, economic growth, and employment could be queries about when the Fed is going to update its cap on the fees issuers can charge for debit card transactions.

At least, that’s the hope of the Retail Industry Leaders Association, a Washington, D.C.-based trade group that issued a broadside on Tuesday against what it and most major retailers regard as debit fees out of proportion to banks’ costs to process transactions.

By John Stewart

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