US Senate holds hearing on Interchange Fees.
Merchants, banks, card networks, and consumer advocates present their perspective on credit card processing fees.
On May 4, the Senate Judiciary Committee held a hearing titled “Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems”. The hearing was convened by Judiciary Committee Chairman Richard Durbin after Visa and Mastercard introduced fee changes in April.
Individuals testifying at the hearing presented a variety of perspectives on credit cards, the evolving payments landscape, and the impact of interchange fees on consumers, merchants, and banks. Testimony was provided by
- Doug Kantor, General Counsel of the National Association of Convenience Stores
- Laura Sharpira Karet, Chair and CEO of Giant Eagle Inc, and Vice Chair of FMI, the Food Industry Association
- Charles Kim, EVP and CFO of Commerce Bankshares, Inc
- Linda Kirkpatrick, President of North America, Mastercard
- Ed Mierzsinski, Senior Director, Federal Consumer Program – US PIRG
- Bill Sheedy, Senior Advisor to the Chairman and CEO, VISA
- Watch the hearing and download the testimony here.
- Visa Official Interchange Rates
- Mastercard Merchant Rules
