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WASH- INGTON — Limits on the fees banks charge merchants that accept debit cards would not apply to government-issued cards, under a tentative House-Senate deal aimed at easing worries raised by state treasurers. The agreement announced Monday softens a Senate provision in a broad financial-regulation bill that requires the Federal Reserve to limit the amount banks collect from merchants.
Under the tentative deal, the limits would not cover debit cards issued by the federal or state governments, which use the cards for programs such as unemployment.
Several state treasurers argued that restricting fees paid by merchants could force banks to increase charges for the cards to states.
