FMI president urges Congress to examine interchange fees following EC ruling

FMI President Tim Hammonds expressed hope that Congress will review the current bank-interchange fees in the U.S. following the European Commission's ruling that MasterCard's credit- and debit-card interchange fees are illegal and should be discontinued. "Our contention has been that the interchange fee scheme is an illegal cartel violating U.S. antitrust laws and after a great deal of investigation the [European Union] has concluded exactly that for European competition laws," Hammonds said.

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