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3 unusual facts about Interchange fee


Interchange fee

Reps. John Conyers (D-MI) and Chris Cannon (R-UT) introduced the "Credit Card Fair Fee Act" on March 6, 2008, which would create a panel of judges, appointed by the Department of Justice Antitrust Division and Federal Trade Commission to oversee interchange fees.

In January 2007, Senate Banking committee chairman Chris Dodd cited interchange fees at a hearing on credit card industry practices and again in March the fees were criticized by Sen. Norm Coleman.

Upon publishing the report, Commissioner Neelie Kroes said the "present level of interchange fees in many of the schemes we have examined does not seem justified."



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