Lawmakers reconciling the House and Senate versions of legislation overhauling financial regulations agreed to include a measure that would give the Federal Reserve oversight of interchange fees merchants pay to credit card issuers. The move is expected to result in significantly lower debit card fees, but the exact figures would depend on the Fed. The banking industry has warned that the measure likely will have unintended consequences. "We continue to have concerns that the ultimate outcome of this legislation would be the passing of merchant acceptance costs to consumers at a time when Americans can least afford it," said Noah Hanft, general counsel at MasterCard.
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