Consumer Alert: Senators Trying to Cram Anti-Points and Miles Legislation Into Pending Bill
The Points Guy
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ICLE President Geoffrey A. Manne is mentioned in this The Points Guy article on the Credit Card Competition Act’s and its potential to impact on credit card rewards for consumers. Read the full article here.
A study by the International Center for Law and Economics estimated that the cap on interchange fees for debit transactions hit large banks’ annual revenues to the tune of $6.6 to $8 billion. This loss in revenue directly contributed to the reduction in free checking accounts and rewards programs.