Stopping the F(l)ee-cing

Banks lose fight to keep debit card fees - chicagotribune.com: "Major banks and card network companies suffered a major defeat on Wednesday, when the Senate narrowly voted down a measure that would have delayed a multi-billion-dollar debit fee crackdown.

The measure would have delayed the fee cap for up to a year while its impact was studied. It attracted 54 votes in the 100-seat chamber, but Senate rules required 60.

Banks of all sizes and retailers have been engaged in a fierce lobbying fight over a provision in the 2010 Dodd-Frank financial oversight law that requires the Federal Reserve to set a cap on the fees banks can charge merchants when a customer uses a debit card."