Wednesday, May 18, 2011

Michaels Breach Arms Banks and CU's for New Attack on Durbin Amendment


"Banks and credit unions are using a recent debit-card scam at Michaels Stores Inc. as fresh ammunition in their fight against a federal proposal to reduce the amount they can charge merchants for processing such payments. The new attack is aimed at part of the Dodd-Frank financial-overhaul law enacted last year that limits the fees banks can charge retailers each time a consumer swipes a debit card. The measure has pitted banks against merchants and has been one of the most contested provisions of the financial overhaul law on Capitol Hill."  <>
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A data breach at Michaels Stores, whose logo on a shopping-cart child's seat is seen here, is the latest flash point over debit-card fees.


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