{"id":135271,"date":"2021-08-11T20:43:54","date_gmt":"2021-08-11T20:43:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=135271"},"modified":"2021-08-11T20:43:54","modified_gmt":"2021-08-11T20:43:54","slug":"u-s-justice-dept-says-tweaks-to-debit-card-rule-good-for-competition-consumers","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/u-s-justice-dept-says-tweaks-to-debit-card-rule-good-for-competition-consumers\/","title":{"rendered":"U.S. Justice Dept says tweaks to debit-card rule good for competition, consumers"},"content":{"rendered":"
FILE PHOTO: The seal of the United States Department of Justice is seen on the building exterior of the United States Attorney’s Office of the Southern District of New York in Manhattan, New York City, U.S., August 17, 2020. REUTERS\/Andrew Kelly\/File Photo<\/figcaption>

WASHINGTON (Reuters) – The U.S. Justice Department on Wednesday threw its weight behind a proposed rule change that would require banks and other debit card issuers to provide multiple network options to merchants to route online purchases.<\/p>\n

The move, made in a comment letter filed to the Federal Reserve by the DOJ\u2019s Antitrust Division, underlines the Biden\u2019s administrations renewed efforts to bolster the government\u2019s antitrust efforts.<\/p>\n

\u201cWe commend the Board for its efforts to promote competition in this important part of the debit card industry,\u201d Richard Powers, acting assistant attorney general for the antitrust division, said in a statement. \u201cThere is limited competition to process online and other card-not-present debit transactions \u2014 which in 2019 accounted for over $1 trillion in transaction value.\u201d<\/p>\n

In July, President Joe Biden signed an executive order directing government agencies to crack down on anticompetitive behavior across a range of industries, including banking.<\/p>\n

The rise of online commerce spurred the Fed to revisit its 2011 \u201cinterchange\u201d rule in May, reproposing a portion to ensure debit card providers offer multiple networks to merchants for transactions where the card is not physically present. The Justice Department says that move could ultimately lower costs for consumers.<\/p>\n

Reuters previously reported the Justice Department had been investigating Visa Inc for anticompetitive practices in the debit-card market, including directing merchants to pricier networks to route transactions.<\/p>\n

Rules around so-called \u201cswipe fees\u201d have been a fierce lobbying battle ground for banks and major retailers ever since the 2010 Dodd-Frank financial reform law directed the Fed to cap how much banks could charge to process a transaction.<\/p>\n

When the Fed announced it was revisiting the rule, several large bank lobbying groups said in a joint statement the policy has been \u201cflawed from the beginning\u201d and trying to revisit it \u201crisks causing even further consumer harm.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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