Financial sector exchange traded funds fell into negative territory Wednesday afternoon following reports the Senate voted to allow the Federal Reserve to curb fees banks receive from debit card transactions.
Visa (NYSE: V) and MasterCard (NYSE: MA) shares were down about 4% in the wake of the news. Financial Select Sector SPDR Fund (NYSEArca: XLF) was fractionally lower.
The Senate vote is a victory for stores and merchants over banks, the Associated Press reported.
The vote was on whether to delay limits on debit card fees charged to businesses. A section of the Dodd-Frank Financial Reform legislation called the Durbin Amendment would cut interchange fees and cost banks billions annually, according to reports.
Financial Select Sector SPDR Fund