NRF Relates Interchange to Mortgage Crisis

The National Retail Federation told state attorneys general this week that credit-card interchange fees have created a scenario similar to the one that led to the current mortgage crisis.

WASHINGTON — The National Retail Federation told state attorneys general this week that credit-card interchange fees have created a scenario similar to the one that led to the current mortgage crisis.

"It is just as much in the banks’ interest to get as many cards into consumers’ hands to collect the interchange fees as it was for banks to get mortgages issued to collect the origination fees,” said Mallory Duncan, NRF senior vice president and general counsel, speaking at meeti

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