The Durbin Amendment would cap debit fees at .12 cents for large banks and, frankly, they don't like it.
By ROBIN SIDEL and VICTORIA MCGRANE for the Wall Street Journal
"Banks and credit unions are using a recent debit-card scam at Michaels Stores Inc. as fresh ammunition in their fight against a federal proposal to reduce the amount they can charge merchants for processing such payments. The new attack is aimed at part of the Dodd-Frank financial-overhaul law enacted last year that limits the fees banks can charge retailers each time a consumer swipes a debit card. The measure has pitted banks against merchants and has been one of the most contested provisions of the financial overhaul law on Capitol Hill." <>
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A data breach at Michaels Stores, whose logo on a shopping-cart child's seat is seen here, is the latest flash point over debit-card fees.
