Sen. Richard Durbin says anticompetitive practices by large card networks and debit-card issuers are costing merchants potentially billions of dollars amid the coronavirus
Democratic Sen. Richard Durbin is asking the Federal Reserve to probe allegedly anticompetitive practices that are forcing merchants to pay excessive debit-card fees levied during the coronavirus crisis by large networks like Visa Inc. and Mastercard Inc.
In a letter to Fed Chairman Jerome Powell, Mr. Durbin said practices by the large card networks and debit-card issuers are diminishing competition in the online payments marketplace and costing merchants potentially billions of dollars. The letter, which Mr. Durbin’s office...
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