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Storm on Capitol Hill: Convenience Store Owners vs. Banks and Debit Card Companies

March 11, 2011

After having been through the worst financial crisis since the Great Depression, it was time for a significant change in the American financial regulatory environment. The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21 2010, is supposed to be this change. One of its amendments directs…

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Storm on Capitol Hill: Convenience Store Owners vs. Banks and Debit Card Companies

March 8, 2011

As previously reported on our blog the Dodd-Frank Act directs the Federal Reserve Bank to limit the fees banks collect from retailers each time a customer makes a purchase with a debit card to a „reasonable and proportional“ amount. Whereas merchants were delighted contending that these fees are hindering business growth, expansion plans and the…

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