Bloomberg News

House Democrats Seek Anti-Trust Investigation Over Debit Fees

October 13, 2011

Oct. 13 (Bloomberg)-- Five U.S. House Democrats asked the Department of Justice to open an investigation on whether U.S. banks and their trade associations colluded on decisions to charge new fees in the wake of caps on debit-card swipe fees.

“Statements made by individual banks and their trade associations raise questions about whether some price increases that have occurred this year have actually been coordinated,” Representative Peter Welch, a Vermont Democrat, and four of his colleagues wrote in a letter to Attorney General Eric Holder.

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net


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