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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.

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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.

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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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