Morning Scan: ABA v. Congress; Why Banks Love Credit Cards

Receiving Wide Coverage…

The American Bankers Association has pressed the idea of taking Congress to court over its decision last year to cut yearly dividend payments from the Federal Reserve to its member banks. The measure is part of a broad highway spending bill that "violates several legal principles" like breach of contract and taking of property without just compensation, ABA president Rob Nichols noted in a letter he wrote to Congress Thursday. Banks are required...