Wednesday, March 30, 2011

MasterCard Exec: Debit Fee Regulation Equates with "Creeping Socialism"


 Article courtesy of Reuters

By Sarah N. Lynch
WASHINGTON (Reuters) - Opponents of a U.S. government crackdown on debit card processing fees called for delaying its implementation on Tuesday, with one top MasterCard executive equating the proposal with "creeping socialism." At a lively round-table event sponsored by PYMNTS.com, representatives of credit card companies and small banks duked it out with retail and consumer advocates who support pending rules that would greatly limit how much money banks can charge merchants for debit card transactions.  <<read more>>

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