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Canadian Imperial Bank of Commerce (CIBC)
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Close 2022-11-07 C$ 62.47
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Globe/CP say TD, rivals see Ottawa eye credit card fees

2022-11-07 08:57 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Saturday, Nov. 5, edition that small business advocates say the government's mention of credit-card transaction fees in Thursday's fall economic statement is a positive step. A Canadian Press dispatch to The Globe reports that the fiscal update said Ottawa intends to enter into negotiations with payment networks, financial institutions, businesses and other stakeholders to lower credit card transaction fees for small businesses. Small-business advocates have long been pushing for action on these fees, which they say are more difficult to swallow for small firms and are becoming more of an issue as customers move away from cash. The economic statement said the government is publishing draft legislative amendments to the Payment Card Networks Act, and if the industry cannot come to an agreed solution in the months to come, Ottawa will introduce the legislation in the new year to regulate credit-card transaction fees instead. The government announced in a separate release Thursday it is launching a series of consultations on small business costs, economic stability in a digital world and tax fairness. These consultations include the negotiations on credit-card fees.

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