Swipe Fee Debate Builds

In a letter dated June 16, Representative Debbie Wasserman Schultz (D-FL) and 130 other members of Congress outline their concerns with the Durbin Amendment that gives retailers and consumers relief from outrageous swipe fees, NACS reported. They cite the benefits that all users of electronic payments systems receive and the “lack of Congressional review” of

Senate Passes Swipe Fee Reform

The U.S. Senate voted to include swipe fee reform in the Restoring American Financial Stability Act of 2010 through an amendment introduced by Sen. Richard Durbin. Specifically, the measure is expected to ensure that debit card transactions are reasonable and proportional to the cost of processing the transaction. “Tonight, the Senate stood up to the

Associations Endorse Swipe Fee Amendment

In a letter addressed to all members of the U.S. Senate, 134 trade associations endorsed an amendment (S. Amdt. 3932) to the Restoring American Financial Stability Act of 2010 sponsored by Senate Majority Whip Richard Durbin (D-IL) that will address excessive debit card swipe fees and the anti-competitive practices of credit card companies and the

New Interchange Amendment Needs Retailer Attention

More than 170 amendments have been filed to the financial regulatory reform bill now before the Senate, and to expedite the process, Majority Leader Harry Reid (D-NV) has asked senators to consolidate their amendments, NACS reported. On Monday night, Senate Majority Whip Richard Durbin (D-IL) filed a new amendment (#3932), merging the main provisions of

ATM Fee Reform Proposed

On May 4, Senator Tom Harkin (D-IA) introduced an amendment that would help consumers avoid high fees at ATMs, as the Senate began debate on the financial reform bill. “In recent years, Congress has acted to protect consumers by setting appropriate limits on the types of fees that financial institutions can charge consumers. However, one

Interchange Debate Reaches Georgia Committee

The issue of interchange fees found an audience at the Georgia House Banks and Banking Committee, which listened to testimony last week on HB 1456-a bill that deals with the subject of interchange fees.   Often late session bills are buried in subcommittees, but significantly Committee Chairman James Mills, who co-sponsored the bill, allowed the

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