Retail group urges Congress to crack down on "swipe" fees

02/26/2010 | Credit Union Times · Bloomberg Businessweek

A trade group of supermarkets and other retailers urged Congress to take action on interchange or "swipe" fees that banks charge on credit card transactions. The Merchants Payments Coalition says the fees have tripled in recent years, as processing fees have dropped. "You can't fix the abusive credit card system without fixing the biggest hidden fee of all -- and that's the swipe fee," said Jennifer Hatcher, vice president of government relations at the Food Marketing Institute. U.S. Rep. Barney Frank said Congress has no plans to take up the issue this year.

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Credit Union Times · Bloomberg Businessweek

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