{"id":2627593,"date":"2026-07-09T21:25:02","date_gmt":"2026-07-10T01:25:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-and-jpmorgan-chase-consider-teaming-up-for-scheme-to-extract-higher-card-transaction-fees\/"},"modified":"2026-07-09T21:28:30","modified_gmt":"2026-07-10T01:28:30","slug":"bank-of-america-and-jpmorgan-chase-consider-teaming-up-for-scheme-to-extract-higher-card-transaction-fees","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-and-jpmorgan-chase-consider-teaming-up-for-scheme-to-extract-higher-card-transaction-fees\/","title":{"rendered":"Bank of America and JPMorgan Chase Consider Teaming Up for Scheme to Extract Higher Card Transaction Fees"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbank-of-america-and-jpmorgan-chase-consider-teaming-up-for-scheme-to-extract-higher-card-transaction-fees%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2627593&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-held-hostage-by-hamas\/\" title=\"Americans Held Hostage by Hamas\">provided content appears<\/a> to be a web page section that includes a &#8220;Read more&#8221; button, which, when clicked, reveals additional information. The expanded section contains an article discussing potential conflicts among banks, regulators, and merchants in the payments industry. It highlights a recent Wall Street Journal report about a loophole that could allow some banks, like Capital One after acquiring Discover, to set higher interchange fees without being restricted by the Durbin amendment. This loophole stems from the fact that the amendment mainly applies to third<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-urges-early-files-to-wait-to-submit-tax-return-in-2023\/\" title=\"IRS Urges Early Files to Wait to ... Tax Return in 2023\">-party payment networks<\/a> like Visa and mastercard, but not to proprietary networks owned by banks like Discover\u2019s. Major banks are reportedly exploring deals, possibly to acquire their own payment networks, which could increase costs for merchants and consumers.The <a href=\"https:\/\/amzn.to\/3YuVZYV\" >article emphasizes ongoing industry considerations<\/a> and potential regulatory and political repercussions surrounding these moves.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><br \/>\n<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><\/p>\n<p>There could be a major battle brewing between banks, regulators, and merchants.<\/p>\n<p>And caught in the middle of all that might very well be you, the paying customer.<\/p>\n<p><a href=\"https:\/\/www.wsj.com\/finance\/banking\/jpmorgan-bank-of-america-and-other-banks-explore-a-deal-to-shake-up-payments-world-9d8639fb\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a> put out a blistering report on Monday highlighting that one bank\u2019s unexpected discovery of a potential loophole has other banks considering that same loophole.<\/p>\n<p>In 2025, Capital One Financial <a href=\"https:\/\/investor.capitalone.com\/news-releases\/news-release-details\/capital-one-completes-acquisition-discover\/\" target=\"_blank\" rel=\"noopener\">purchased<\/a> Discover Financial for $50.6 billion.<\/p>\n<p>As part of that acquisition, Capital One gained a financial network that allows it to work more directly with merchants \u2014 and with less fear of regulation.<\/p>\n<p>To better explain how this works: When you make a purchase at, say, a Walmart, there are actually three parties that are going to have an interest when you swipe your debit card.<\/p>\n<p>In this case, those parties are Walmart, the bank that issued your debit card, and a payment network \u2014 Visa and Mastercard being the two you\u2019ve most likely dealt with.<\/p>\n<p>Of note, neither Visa nor Mastercard is lending or handling any money here. They act almost exclusively as an information network that verifies with the bank that you have the money you\u2019re trying to spend.<\/p>\n<p>Once that is confirmed, the charge is approved, and Walmart gets their money. But, while Walmart will receive most of the money you spent, a small bit of that will be split between the bank and the payment network, with the bank typically receiving the bigger  because it issued that card.<\/p>\n<p>That small cut of what\u2019s otherwise Walmart\u2019s money is what\u2019s known as an <a href=\"https:\/\/www.financialprofessionals.org\/glossary\/interchange-fees\" target=\"_blank\" rel=\"noopener\">interchange fee<\/a>, which is what the merchant (Walmart, in this example) is basically paying for the convenience of accepting debit cards.<\/p>\n<p>Given how many debit card swipes happen across the country at a given time, it\u2019s little wonder that banks typically love this interchange fee \u2014 while merchants loathe it.<\/p>\n<p>As debit card use continues to explode in popularity, Congress actually intervened in 2010 to pass the <a href=\"https:\/\/www.congress.gov\/crs-product\/R41913\" target=\"_blank\" rel=\"noopener\">Durbin amendment<\/a> as part of the broader Dodd-Frank Wall Street Reform and Consumer Protection Act.<\/p>\n<p>The Durbin Amendment effectively hard caps how much banks can charge for that interchange fee.<\/p>\n<p>However, The Wall Street Journal is reporting that there <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/musk-gambles-wi-supreme-court-race-as-tesla-lawsuit-hangs-in-balance-washington-examiner\/\" title=\"Musk gambles WI Supreme Court race as Tesla lawsuit hangs in balance- Washington Examiner\">effectively appears<\/a> to be a loophole to the Durbin amendment, which the Capital One acquisition of Discover yielded.<\/p>\n<p>In short, the Durbin amendment only really applies to third-party payment networks, like Visa and Mastercard. But Capital One doesn\u2019t appear to be beholden to those regulations because Discover\u2019s payment network is theirs outright after the purchase.<\/p>\n<p>That means that Capital One could, in theory, start charging merchants whatever they want as an interchange fee.<\/p>\n<p>And if those costs get too exorbitant for the merchant, they could get passed down to the consumer \u2014 which may be exactly why major banks have yet to pull the trigger on making a move to acquire their own payment networks.<\/p>\n<p>According to The Wall Street Journal, major banks like JPMorgan Chase, Bank of America, Wells Fargo, and PNC Financial Services Group \u201chave been exploring a small deal that could upend the rules, though they are worried about political backlash if they try.\u201d<\/p>\n<p>Talks are still being described as \u201cpreliminary and tentative\u201d about whether or not to purchase a payment network from Fiserv.<\/p>\n<p>The outlet added, \u201cSome have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-nominee-for-top-defense-post-attacked-gop-in-incendiary-tweets\/\" title=\"Biden Nominee for Top Defense Post Attacked GOP in Incendiary Tweets\">privately expressed concern<\/a> that such a deal could prompt backlash from lawmakers, regulators and merchants.\u201d<\/p>\n<p>Importantly, due to the potentially volatile optics of uniting both Democrats and Republicans against a common foe, \u201cthere is no certainty a deal will happen,\u201d The Wall Street Journal reported.<\/p>\n<div style=\"background-color: #f7f7f7; color: #171717; display: flex;font-size: 16px;font-weight: 600;line-height: 1.5;margin: 24px 0;padding: 18px 20px 18px 30px;text-align: left;\">\n<div style=\"align-self: stretch;border-left: 3px solid #171717;flex-shrink: 0;padding-left: 20px;\"><\/div>\n<p><a style=\"text-decoration: none;\" href=\"https:\/\/www.google.com\/preferences\/source?q=https:\/\/www.westernjournal.com\/\">Choose The Western Journal as your preferred source on Google and never miss reporting that defends truth, protects freedom, and advances Western civilization<\/a><\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey == typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts = { \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs = [ 'name', '', 'message' ];  \t\t\t\t\tfor( var i = 0; i < inputs.length; i++ ) if( ! ( opts[inputs[i]] = document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display = 'block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display = 'none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src = firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display = 'inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id'] = firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting = jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display = 'none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display = 'block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script> \t     \t\t\t\t\t\t     \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t \t\t\t<script>console.log(\"ad slot (BA1)\")<\/script> \t\t<\/p>\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<\/section>\n<p><\/body><\/html><\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A potential conflict is emerging among banks, regulators, and merchants, with consumers possibly caught in the crossfire. The Wall Street Journal reported on Monday that a bank&#8217;s unexpected discovery of a loophole has prompted other banks to consider exploiting it<\/p>\n","protected":false},"author":1,"featured_media":2627594,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/07\/ben-net-2026-07-09T195423.372.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[49276,82516,55619,36435,82515],"class_list":["post-2627593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-bank-of-america","tag-banking-partnership","tag-credit-card-fees","tag-financial-news","tag-jp-morgan-chase"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/07\/ben-net-2026-07-09T195423.372.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2627593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2627593"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2627593\/revisions"}],"predecessor-version":[{"id":2627597,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2627593\/revisions\/2627597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2627594"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2627593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2627593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2627593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}