FBI Takes a Bullet in Banks' $50 Billion Fee War With Retailers - Bloomberg Business
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Director Comey faces Senate questions about the incident Perhaps the FBI should have stuck to catching bank robbers, rather than weighing in on bank cards. Last month, the nation's premier law enforcement agency issued a seemingly innocuous fraud alert telling shoppers to use a PIN with new credit cards embedded with computer chips. Though the goal was to promote security, the bureau instead found itself ensnared in a decade-long dispute between banks and retailers, in which about $50 billion in annual fees are at stake. The blowback from both sides has been intense. Banks said they were blindsided by the notice and forced the bureau to retract it. Next, a senior Democratic senator demanded to know why the alert mysteriously disappeared,Read full article from FBI Takes a Bullet in Banks' $50 Billion Fee War With Retailers - Bloomberg Business
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