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SaltWire's Atlantic regional weather forecast for October 18, 2023 | SaltWireWASHINGTON - Shares in Visa and Mastercard slid on Wednesday on news the U.S. Federal Reserve is expected to propose lowering the fees banks can charge retailers for processing debit-card transactions.
The Fed said on Tuesday it would meet next Wednesday to discuss changes to the debit interchange fee cap, without providing details. The Wall Street Journal reported on Tuesday that the Fed plans to propose lowering the cap. The 2010 Dodd Frank financial reform law ordered the Fed to cap the fees at a"reasonable and proportional" cost. In 2011 the central bank capped them at 21 cents per transaction, plus 0.05% of the transaction cost. Banks can charge an additional cent per transaction if they meet certain fraud prevention standards.
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