ALEXANDRIA, VA - New on the NACS grassroots page are two letters you can send to the Federal Reserve and your members of Congress ï¿½" both in defense of swipe fee reforms.
In fact, the banking lobby has announced that they will be storming Capitol Hill throughout February to push for repeal of the Durbin Amendment, which requires the Federal Reserve to set rules regulating how swipe fees on debit transactions are set by the credit card companies. The banking lobby says they will bring hundreds ï¿½"if not thousands ï¿½" of bankers to Washington to speak with members of Congress in person.
If maintaining our victory on debit swipe fee reform is important to you, here are three steps you can follow to preserve debit card swipe fee reform:
- Send a comment to the Federal Reserve in favor of their proposed debit fee setting regulations. In December, after extensive analysis the Federal Reserve released their first draft of these regulations which include limiting the per transaction fee for debit purchases to between 7 and 12 cents. This represents a reduction of fees of approximately 80%. There is a comment period currently underway, in which the public is invited to weigh in on the proposed regulations. The comments are almost entirely from bankers who are trying to water down, delay or repeal the regulations. In order to balance out the public comments, send a letter to the Federal Reserve letter today.
- Register for NACS Day on the Hill Congressional Fly In. Join your industry colleagues in Washington, D.C., March 9 to 11, to lobby your members of Congress. NACS will set up appointments for you and have a group briefing prior to your meetings. Additionally, there will be NACS staff attending most meetings and to help you find your way. Donï¿½ï¿½t allow the credit card banking lobbyists to distort this issue ï¿½" stand up for yourself and your business. Register today.
- Respond to NACS Calls to Action. As this battle develops over the next several months, NACS will be sending Calls to Action requesting you to write letters, make calls or arrange appointments with your members of Congress back home. Remember ï¿½" it is because of the tremendous grassroots pressure the convenience store industry placed on Congress that these much-needed reforms are close to becoming a reality. Send a letter to Congress today.