EU may fine credit-card companies - by Matthew Newman and John Rega
European Union regulators will threaten banks and credit card companies with fines for blocking competition, according to a draft of a report to be delivered this week. The European Commission, the EU antitrust regulator, may investigate banks and payment card providers for colluding on prices and using practices aimed at keeping competitors out of their markets, the regulator said in a draft summary obtained by Bloomberg News. The report does not identify any companies.
The commission "will not hesitate to exercise its powers of enforcement" under antitrust rules "to ensure that the competition rules are respected in retail banking," the 10-page summary said. The commission is scheduled to release the report Wednesday.
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