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EU Parliament Backs Limits to Payment Card Interchange Fees 2014-04-03 10:12:10.547 GMT
By Jim Brunsden April 3 (Bloomberg) -- Lawmakers in the European Parliament vote to cap interchange fees banks charge for processing debt and credit card payments. * Assembly backs cap of 0.3 percent of transaction amount for credit card payments, and 0.2 percent for debit cards * Caps would apply to both cross-border and domestic transactions in the EU * EU Parliament votes in Strasbourg, France * Assembly backs proposals from EU Financial Services Commissioner Michel Barnier * Vote sets out parliament negotiating position on draft law * Rules require approval by the assembly and national governments to take effect * Assembly also backs update to EU consumer protection rules concerning bank payments
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To contact the reporter on this story: Jim Brunsden in Brussels at +32-2-285-4304 or jbrunsden@bloomberg.net To contact the editor responsible for this story: Anthony Aarons at +44-20-7673-2227 or aaarons@bloomberg.net