Major US banks including JPMorgan, Bank of America, Wells Fargo, and PNC have held talks about acquiring a payment network owned by fintech company Fiserv. This move aims to bypass the 2010 Dodd-Frank law's Durbin amendment, which caps debit-card fees banks can charge merchants unless they own the network. The banks seek to increase interchange fee revenue, which has been limited by the fee caps, affecting their ability to fund free checking and rewards programs. However, some banks are hesitant due to potential regulatory and merchant backlash, and no deal is confirmed yet.
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