by Marian Wang, ProPublica
The banking industry stands to lose billions in debit card transaction fees after losing one of its biggest lobbying battles this year--but for the banks, that was just Round One.
The industry had for months lobbied lawmakers to kill or delay regulations limiting the fees that banks get from retailers whenever a debit card is used. Earlier this month, a bill to delay the rules failed to pass in the Senate--disappointing the banks and delighting retailers who will save some revenue to either pocket, pass on to consumers in lower prices, or spend on their businesses some other way.
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