FMI Applauds European Report Critical of Interchange Fees

ARLINGTON, Va. -- Food Marketing Institute here last week applauded a report by the European Commission on the bank and credit card payments business that raised "serious concerns about the levels of multilateral interchange fees." Tim Hammonds, FMI's president and chief executive officer, cited the report's finding that significant competitive issues in the European payment-cards market point to the need for strong legal measures. "As Congress investigates the interchange practices of Visa and MasterCard in America, we believe it will find similar anticompetitive behaviors here in the U.S., and, if it does, we urge our government to act accordingly," Hammonds said.