Bank, Credit Card Stocks Drop on 'Swipe' Rules Talk

Visa and Mastercard dropping along with large banks such as Bank of America and JPMorgan, as the Fed will be voting on proposals to limit debit card "swipe" fees that banks charge merchants when they make a purchase.

These are rules issued subsequent to the Durbin amendment, which was approved as part of the financial regulatory reform bill that was passed into law this summer.

There has been considerable speculation that banks will make up for lost revenue by charging higher fees elsewhere, such as checking accounts.

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