NEW YORK (TheStreet) -- Although the industry was granted a reprieve last week when Federal Reserve Chairman Ben Bernanke said in a letter to Congress that new rules implementing the Durbin Amendment wouldn't be finalized until July 21, many banks appear set to take it on the chin when the inevitable clampdown on interchange fees occurs. The Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act - signed into law by President Obama last July - limits the interchange fees that banks with over $10 billion in total assets can charge merchants for debit card purchases, to 12 cents per transaction, which the Fed said would be "more than 70 percent lower than the 2009 average" of 44 cents per transaction. In his letter to Congress, Bernanke indicated that the Fed had received over 11,000 responses to its request for comments following its initial rule proposal in December, and would need time to analyze the comments. ... Click to view a price quote on BAC. Click to research the Banking industry.
10 Banks With The Biggest Fee Worries
twocents@thestreet.com (Maria Woehr and Philip van Doorn), The Street
Thu, 04/07/2011 - 3:58am
BING NEWS:
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U.S. courts awarded hundreds of millions of dollars in legal fees to class action lawyers and other attorneys in 2024, with hundreds of millions more still hanging in the balance in 2025.
12/19/2024 - 7:02 am | View Link - Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
Under the finalized rule from the Consumer Financial Protection Bureau that was announced on Thursday, banks will be able to choose from three options: they may charge a flat overdraft fee of $5 ...
12/13/2024 - 2:48 am | View Link - The White House is cracking down on overdraft fees
Under the finalized rule announced Thursday, banks will be able to choose from three options: they may charge a flat overdraft fee of $5, they may charge a ... the nation’s biggest banks still take in ...
12/11/2024 - 6:20 pm | View Link - More
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