Bank of America and JPMorgan Chase are holding preliminary talks to acquire a payments network from Fiserv. The acquisition aims to bypass federal caps on debit-card transaction fees established by the 2010 Durbin Amendment. [25]
Owning the transaction routing network would exempt large financial institutions from current fee limitations. This structural shift could significantly increase revenue for the banks involved. [25]
Discussions remain in an early and tentative stage. Some banks have reportedly withdrawn from talks due to potential backlash from regulators, lawmakers, and merchants. [25]