Sen. Durbin plans hearing on interchange fees

06/14/2010 | Bloomberg

Sen. Richard Durbin, D-Ill., has scheduled a hearing for Wednesday on how much the processing of "swipe" fees costs consumers. Durbin said that by negotiating lower interchange fees on credit card and debit card transactions, the government could save $39 million annually. MasterCard CEO Robert Selander sent Durbin a letter saying that the senator's proposal would hurt consumers. "The decrease in merchant acceptance fees which would result from your amendment would simply be borne by consumers -- and at a time when consumers are struggling from the steep recession and trying to regain some degree of spending power," Selander wrote.

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