DAILYCALLER (Ann Rodgers) - How Big Banks Are Scheming To Jack Up Your Fees
‘Banks are to find an edge in payments’
Some of the nation’s largest banks are reportedly exploring a deal that could allow them to sidestep debit card fee limits imposed under the Obama administration, reopening a long-running fight over government regulation of the payments industry. The Wall Street Journal reported Monday that JPMorgan Chase, Bank of America, Wells Fargo and PNC Financial Services have held preliminary discussions about acquiring a debit payments network owned by fintech company Fiserv. According to the Journal, ownership of the network could allow the banks to avoid interchange fee caps created by the Durbin Amendment, a provision of the 2010 Dodd-Frank Act. BREAKING: Banks including JPMorgan, Bank of America, and Wells Fargo are in talks acquire a…Open