Green Sheet: MPC Welcomes Fed Review of Debit Card Fee Cap
The Merchants Payments Coalition welcomed today’s announcement that the Federal Reserve Board of Governors will meet next week to consider revising its 12-year-old regulation on debit card swipe fees.
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Convenience Store News: Retailers Optimistic as Federal Reserve Signals Change to Debit Card Swipe Fees
"Debit cards are an electronic version of checks that have saved banks billions compared with handling paper checks, but swipe fees make them much more expensive for merchants and drive up prices for consumers," said Doug Kantor, NACS general counsel and Merchants Payment Coalition executive committee member.
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Digital Transactions: The Federal Reserve is Set to Revisit the Debit Fee Cap
Merchants argue the actual cost of a debit card transaction has fallen by more than 50% since the cap was implemented. The limit should be lowered proportionally, merchant groups say. “Debit card swipe fees are way out of proportion and need to be adjusted downward, as all the data shows the cost of a debit transaction is tiny compared to the swipe fee. That needs to change,” says Doug Kantor, an executive committee member at the Merchants Payments Coalition and an executive committee member and general counsel for the National Association of Convenience Stores.
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NACS Daily: Fed to Consider Revising Debit Card Swipe Fees
Doug Kantor, NACS general counsel and Merchants Payment Coalition executive committee member: “The Fed tried to address high debit card fees over a decade ago but didn’t go far enough, and banks’ costs have continued to fall while fees have stayed the same. It’s time for the Fed to update how much banks are allowed to charge and recognize that consumers, merchants and the economy can’t afford overinflated fees.”
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Chain Store Age: NRF Calls on Federal Reserve to Lower Swipe Fee Cap
This week, the Merchants Payment Coalition renewed calls for Congress to pass the bill. “Debit cards are an electronic version of checks that have saved banks billions compared with handling paper checks, but swipe fees make them much more expensive for merchants and drive up prices for consumers,” said MPC executive committee member and National Association of Convenience Stores general counsel Doug Kantor. “The Fed tried to address high debit card fees over a decade ago, but didn’t go far enough, and banks’ costs have continued to fall while fees have stayed the same. It’s time for the Fed to update how much banks are allowed to charge and recognize that consumers, merchants and the economy can’t afford overinflated fees.”
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Gifts and Decorative Accessories: Retailers Relieved Over Fed Plans to Revisit Swipe Fee Regulation
“Debit cards are an electronic version of checks that have saved banks billions compared with handling paper checks, but swipe fees make them much more expensive for merchants and drive up prices for consumers,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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Credit Unions Today: Merchant Groups, Retailers Praise Fed Announcement It Will Consider Revisions to Debit Interchange Fee Cap
“Debit cards are an electronic version of checks that have saved banks billions compared with handling paper checks, but swipe fees make them much more expensive for merchants and drive up prices for consumers,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said in a statement. “The Fed tried to address high debit card fees over a decade ago, but didn’t go far enough, and banks’ costs have continued to fall while fees have stayed the same. It’s time for the Fed to update how much banks are allowed to charge and recognize that consumers, merchants and the economy can’t afford overinflated fees.”
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Delaware State News: Grocers Compete, so why can't credit card companies?
Swipe fees "are most merchants’ highest operating cost after labor and drive up prices by more than $1,000 a year for the average family, according to the Merchants Payments Coalition."
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Gifts and Decorative Accessories: Banks Pocket 'Enormous' Third Quarter Profits as Swipe Fees Lawsuit Awaits Supreme Court
“Wall Street megabanks are making enormous profits by gouging consumers and Main Street merchants at the same time,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “This is a recurring pattern. Giant banks pretend that high fees on Main Street help consumers but just the opposite is true.”
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Chain Store Age: Retail Group Renews Call for Swipe Fee Legislation
The Merchants Payment Coalition is renewing calls for Congress to pass the Credit Card Competition Act to address swipe fees amid record profits from card-issuing banks.
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