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Friday, June 18, 2010

One can bank on this...

Banks Scramble to Dilute Overhaul Legislation - WSJ.com: "The banking industry unleashed a last-ditch effort to strip new debit-card restrictions from the proposed financial-overhaul legislation, including the removal of the word 'incremental' from the 1,500-page bill.

The measures are under siege from the nation's largest banks, which have said they would lose billions of dollars in revenue from fees that they charge to merchants for debit-card transactions, known as interchange fees. Small banks and credit unions also oppose the measure even though they technically would be exempt from the law. In the past week, they have intensified efforts to dilute the legislation, planned news conferences and urged employees ..."

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