Fed Proposes Lowering Debit Card Fees, Sparking Pushback from Banks

The Fed proposed lowering debit card "swipe fees" that banks charge retailers, a potential blow to big banks and credit card companies.

The Fed gained power to cap swipe fees after the 2008 crisis. It now wants to lower the cap further.

Banks and trade groups are pushing back, arguing consumers won't benefit and banks' costs will rise.

It's the latest in new bank rules from the Fed including capital requirements. Banks say rules will curb lending.

The Supreme Court may force the Fed to lower swipe fees after retailers sued. Banks say changes need to account for fraud costs.