French banks fined for collusion in setting processing fees

French banks fined for collusion in setting processing fees

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PARIS – Eleven French banks have been fined by Autorité de la Concurrence, France’s competition regulator, a total of €384.9 million for improperly levying fees on consumers for cheque-processing.

Banque de France, BPCE, Banque Postale, BNP Paribas, Crédit Mutuel, Crédit Agricole, Crédit du Nord, Crédit Industriel et Commercial (CIC), LCL, HSBC and Société Générale are accused of colluding to set an improper charge to exchange cheque images between lenders when they switched to electronic

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