House To Vote On Debit Card Transaction Fee Cap Repeal

According to payment industry news resource PYMNTS.com, the Financial Choice Act will be sent to the full House of Representatives for a floor vote, after being approved by The House Financial Services Committee. The Act would rollback much of the Obama-era financial regulations known as Dodd-Frank including caps on debit card transaction fees.  

The bill will likely pass in the House, but its fate is unclear in the Senate as Republicans are divided on some of the issues such as the debit card transaction fee cap in the Durbin amendment, according to the source.