US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa.
The senator wants an investigation over potentially anticompetitive fees.
Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic.
The companies have planned major fee changes for US-based merchants.
The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.
Business Insider reports the Fed investigation could intensify conversations about fees and pressure to make changes.
High card fees can both hinder merchants' ability to survive, especially now, when cash flow is challenging, and translate to higher prices for consumers.
The senator wants an investigation over potentially anticompetitive fees.
Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic.
The companies have planned major fee changes for US-based merchants.
The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.
Business Insider reports the Fed investigation could intensify conversations about fees and pressure to make changes.
High card fees can both hinder merchants' ability to survive, especially now, when cash flow is challenging, and translate to higher prices for consumers.
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