* House will not advance bill Senate will not pass-Bachus
* Banks want debit fee crackdown changed or delayed
(Adds quote from Bachus, background, byline)
By Dave Clarke
WASHINGTON, March 7 Republicans in the U.S.
House of Representatives will not try to stall or change a
crackdown on debit card fees unless the Senate supports
changing the law, House Financial Services Chairman Spencer
Bachus said on Monday.
The debit card fee provision was added to the Dodd-Frank
financial reform law by the Senate, and the Senate must act
first and take "ownership" of the issue before the House acts,
Bachus told the Institute of International Bankers conference.
"We are saying to the Senate: 'Give us an indication on
whether there is going to be action taken, '" he said.
Banks and retailers are waging a furious lobbying fight
over "interchange" fees, which merchants pay banks and
credit-card networks every time a customer buys something with
a debit card. The fee crackdown is required by the Dodd-Frank
In December the Federal Reserve proposed capping
interchange fees at roughly 12 cents per transaction -- a 75
A cap at this level would cost banks about $13 billion in
annual revenue, according to CardHub.com.
Banks and card companies have been pushing lawmakers to
delay the law or require the Fed to consider more costs when
establishing the cap so that it can be set at a higher level.
The final rule on the fees is due in April.
The crackdown on debit card fees was written by Richard
Durbin, the No. 2 Democrat in the Senate, and stalling or
changing it in the Democrat-controlled Senate will likely be
(Reporting by Dave Clarke, Editing by John Wallace)