Finance Minister Jim Flaherty on Thursday threatened Canada’s big banks and credit card companies with regulations if they don’t get on board a proposed voluntary code of conduct designed to shield merchants from escalating processing fees for electronic payments.
Speaking at a locally owned toy store at an Ottawa shopping mall, Flaherty said he would prefer to avoid the “heavy-handed” approach, but “if we have to, we will” in the absence of industry support for the proposal, now the subject of a 60-day consultation period.
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Credit card firms warned voluntary guidelines could be made mandatory
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