Arlington, VA – Today, the U.S. Department of Justice (DOJ) announced a civil lawsuit on competition in the debit marketplace. FMI President and CEO Leslie G. Sarasin issued the following statement in response.
“FMI and our members welcome Attorney General Merrick Garland’s announcement Tuesday that the U.S. Department of Justice (DOJ) intends to use its powers to ensure the Durbin Amendment is enforced in a way that supports the millions of customers who choose to use a debit card for everyday purchases at grocery retailers and other merchants. Enacted more than a dozen years ago, the law fosters greater competition in the debit card market by allowing debit transactions to be routed over more than one network. We also hope the Federal Reserve will finalize its rulemaking on the debit regulated rate to adjust fees for the first time since the law was passed to ensure these fees are both reasonable and proportional as mandated by Congress.”
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