The Biden administration wants to loosen the grip that Visa Inc. and Mastercard Inc. have on routing debit card payments in online transactions and the billions in so-called interchange fees that come with it.
The Justice Department’s Antitrust Division and the Federal Trade Commission last week endorsed a May proposal by the Federal Reserve to reopen Dodd-Frank Act rules that capped the fees retailers pay and required banks and other debit card providers to offer more payment network choices for routing transactions.
The Fed wants to expand the 2011 rules to cover rapidly growing “card-not-present” transactions—primarily online shopping and automatic ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.