Word: bankses
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The report is the merchants' latest push to pressure the Federal Government into passing legislation aimed at either lowering interchange fees or at least allowing merchants to negotiate the rate directly with banks and credit-card networks. (Read "The Real Problem with Credit Cards: The Cardholders.")
He contends that consumers could actually be hurt by lower fees if banks decide to scrap rewards programs, raise interest rates on credit cards or reinstate annual credit-card fees to offset the lost interchange-fee revenues. (Read "Exposing the Credit-Card Fine Print.")
Merchant groups have been lobbying the Obama Administration on the issue for many months. Bills have been introduced in the House and Senate that, if passed, would allow merchants to negotiate their interchange fees directly with banks and credit-card networks. The Senate's version, introduced by Senator Richard Durbin...
Merchants have also launched an antitrust suit against the banks and credit-cards companies in connection with interchange fees. Huang believes it's likely that the issue will eventually be resolved through litigation rather than legislation.
For example, the show’s opening scene features just such a positive, practical idea: a community market. As Elmo shops around for odds and ends on the street, Al Roker explains to Elmo that a community market is just “neighbors coming together to buy and...