Senator Seeks Interchange Fee Plan in Bank Bill - Reuters

Editor's Note:  I find it interesting that there is a big movement for "fairness" when it comes to Interchange.  The only "unfairness" I see is that borne by "e-retailers" who who are forced to pay "Card Not Present" and "signature debit" rates when there is a PCI 2.1 PED specifically designed for eCommerce use.  They would love to have the same problem that brick and mortar retailers have...namely the ability to pay "Card Present" rates and  steer their customers to a more secure (thus lower Interchange Fee) PIN Debit payment method.  



(Reuters) - The No. 2 Democrat in the U.S. Senate said on Wednesday he will push to amend a massive Wall Street reform bill with a measure addressing credit card fees affecting retailers.

So-called "interchange" fees are charged to supermarkets, convenience stores and other merchants by firms such as Visa and MasterCard every time a customer uses a credit card. Fees totaled $48 billion in 2008, up from $42 billion in 2007. "We're going to have a bill that addresses the interchange fee and try to bring some fairness to it," Senator Richard Durbin said in remarks on the Senate floor. "This is one of the major concerns of retailers and businesses.

Continue Reading at Reuters