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• The Food Marketing Institute (FMI) yesterday issued a statement applauding the US Congress “for continuing to investigate and expose abusive credit card company practices, most recently at today’s hearing on how consumers are blindsided by interest rate hikes under a rule known as Universal Default. The House Government Affairs Permanent Subcommittee on Investigations is conducting the hearing.”

“This is but one example of the hidden, egregious ways that Visa and MasterCard bilk consumers and businesses out of billions of dollars each year,” said FMI President and CEO Tim Hammonds. “The most costly scheme by far is the interchange fee that card companies extract from each and every plastic transaction.”

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