Franchise owners headed to Washington, D.C. over the next 10 weeks to visit members of Congress, and encourage them to support the Federal Reserve’s swipe fee rulemaking process. The National Coalition of Associations of 7-Eleven Franchisees (NCASEF) came out Monday in support of debit card swipe fee reform, calling on Congress and the Federal Reserve [...]
NACS urges retailers to join it on Capital Hill to show support for the Durbin Amendment that regulates interchange fees. With a new Congress in session, the rule regulating interchange fees runs the risk of being overturned, and NACS is urging retailers to show their government the issue remains important to them. The Dodd-Frank Wall [...]
Now that the Durbin Amendment, part of the Wall Street reform bill, has been signed into law by President Obama, the industry continues to address issues related to interchange reform. Texas Petroleum Marketers and Convenience Store Association (TPCA) President Chris Newton noted the amendment was “an important first step” in dealing with the negative impacts [...]
Interchange relief became a reality today as President Obama signed the financial services reform bill into law. The new law contains Senator Richard Durbin’s swipe fee amendment, which is expected to result in lesser debit card interchange fees and bring critical financial relief to retailers and consumers while promoting greater competition within the credit card [...]
The convenience and petroleum retailing industry are now celebrating the end of a nearly 10-year battle to rein in interchange fees. Yesterday, July 15, the U.S. Senate voted 60 to 39 in support of the financial reform package known as the Dodd-Frank Bill that contains the crucial interchange amendment, NACS reported. Thursday’s vote was the [...]
Last night, Wednesday, June 30, the House voted on the financial bill package, passing it by a vote of 237-192, with the swipe fee amendment intact, NACS reported. The bill was not without changes though. Earlier this week the Conference committee working on the financial services overhaul met again to alter aspects of the bill [...]
As the House and Senate prepare to vote on the financial reform bill—containing the Durbin amendment on interchange fees—this week, NACS’ message to retailers is that the battle is far from won. Three hurdles remain: passing the House, passing the Senate and getting signed into law by President Obama. “Until all three happen, actually, until [...]
The National Association of Convenience Stores (NACS) is urging retailers to contact legislators one more time as the financial reform bill, which contains the swipe fee amendment, goes to a vote. Last week, House and Senate financial services reform negotiators agreed to finalize the financial bill with the swipe fee reforms included. Now, both the [...]
The U.S. House of Representatives and Senate negotiators have sided with retailers, reaching an agreement to include swipe fee reform provisions in the final financial services reform bill that is now on its way to Congress for a final vote. The provisions, known as the Durbin Amendment after the author, Senator Richard Durbin (D-IL), is [...]
Assistant Senate Majority Leader Dick Durbin (D-IL) and key conferees have reached an agreement on the Wall Street reform bill, regarding his amendment regulating interchange fees, NACS reported. The agreement makes minor, clarifying changes to the language, which passed the Senate 64 to 33 on May 13, and responds to concerns raised by state governments [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]