Letter Opposing Swipe Fee Reform Circulating Capitol Hill
As the debate continues, NACS members can expect to see more attacks from the opposition.
June 17, 2010
WASHINGTON - 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. They cite the benefits that all users of electronic payments systems receive and the "lack of Congressional review" of the interchange issue as reasons not to support the Senate-passed provisions.
"We wanted to share with you our grave concerns about the inclusion of an amendment that will regulate interchange fees €" those fees paid between banks as part of every card transaction made by a consumer. This language will devastate credit unions and community banks, while providing no discernable benefits for consumers."
As the debate continues on the financial services bill NACS members can expect to see lots of attacks from the other side. To view this letter in its entirety and the list of House members who signed on, please click here.
For more on swipe fees and the Durbin Amendment, see the NACS issue page.