A new credit card bill that targets the monopoly of Visa and Mastercard over the credit card industry has triggered swift reaction from lobbyists. A bipartisan group of lawmakers, led by Rep. Lance Gooden (R-Tex.), introduced new legislation that would significantly reform the credit card industry and create greater competition for the benefit of consumers….
A Bipartisan Credit Card Bill Reintroduced In Congress to Foster Greater Competition
June 9, 2023
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Biden Moves to Combat ‘Junk Fees,’ Declares Surprise Overdraft Fees ‘Illegal’
October 28, 2022
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Business & Marketscredit card feeseconomic policieseconomyinflationJoe Bidenjunk feesoverdraft feepersonal financeUS
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The Biden administration is taking steps to fight what the president calls “junk fees,” as American citizens struggle to make ends meet due to inflation. The move against “junk fees” will lower the cost of everyday living for American families and put more money into the hands of working-class and middle-income citizens as well as…
Small Businesses Feeling the Pinch of Credit Card Fees as E-Commerce Ramps Up
OTTAWA—Industry groups say small businesses are being hammered by high credit card fees on online purchases as the shift toward e-commerce continues. Visa and MasterCard reduced the fees they collect from businesses to an average annual rate of 1.4 percent from 1.5 percent starting last year, but trade organizations say the fees remain higher than…
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