Guess Who's Speaking Up on Behalf of the Poor Banking Industry?
You may be aware that the banking industry is currently engaged in a furious lobbying campaign to avoid the frightening prospect of being forced to lower the fees it charges retailers every time you use your debit card to buy something. It would just put "unfair profits" into the pockets of retailers, while forcing banks to raise the fees they charge you, the consumer, for every last thing! (According to the banking industry.)
What you may not know is just who is lining up to support the beleaguered bankers in their fight to maintain hefty fees. The WSJ lists a few of the banking industry's primary allies on this issue:
- The NAACP.
- The U.S. Hispanic Chamber of Commerce.
- The National Education Association.
- "The big banks have kept a low profile throughout the intense lobbying drive, letting the community banks and credit unions take the lead role."
Of course all of these groups are concerned solely about the prospect of their members—the little people—being forced to pay higher fees. Any other prospective motives should be discounted out of hand.
If banks lose on this issue, they're considering "capping the amount a consumer can spend on a single debit-card transaction to $50 or $100." Oh good.