A lobbying coalition pushing Congress to curb credit card swipe fees said Thursday the jump in gas prices from the Iran conflict has been a boon for banks, bolstering arguments for more federal regulation.
It’s the latest salvo in a yearslong, multimillion-dollar lobbying fight that pits retailers against the banking industry.
The Merchants Payments Coalition said major banks issuing credit cards are collecting as much as $58 million a day in credit card interchange fees as fuel prices rise, making for an additional $9 million a day, or $270 million per month. A rival lobby representing the banks, the Electronic ...