Major US banks may seek deal to bypass card fee caps

 Several of the largest US banks, including JPMorgan Chase, Bank of America, and Wells Fargo, among others, are looking to ink an acquisition deal that would help them evade federal legislation mandating debit card fee caps, the Wall Street Journal reported.

The outlet, citing unnamed people familiar with the discussions, said the banks held early discussions about acquiring a network owned by the American financial technology company Fiserv, though they were concerned that such a move would lead to regulatory scrutiny and political fallout. On the other hand, the sources stated that an agreement may not be reached, as some of the banks involved in the talks were skeptical. Fiserv currently owns two firms that process debit card transactions, meaning a takeover of such a network could eliminate fee caps, which some large banks repeatedly objected to.

At the start of the year, US President Donald Trump promised to impose a 1-year cap on credit card interest rates and warned credit card companies to comply with the measure.

https://breakingthenews.net/Article/Major-US-banks-may-seek-deal-to-bypass-card-fee-caps/66641849