Retailers Unhappy Financial Reform Does Not Cover Card Interchange
Retailers expressed disappointment this morning that the Senate version of financial reform legislation formally unveiled yesterday does not address the issue of credit and debit card interchange.
Retailers have been trying to cap or roll back card interchange. Credit unions have been among the strongest opponents of their legislative efforts.
"Chairman Dodd's bill takes many steps to curb the excesses of the financial services industry, but the failure to address swipe fees is a glaring omission," said Mallory Duncan, General Counsel for the National Retail Federation. "These fees drive up prices for the average family by hundreds of dollars every year and depress the ability of main street merchants to thrive and grow."
"Financial services reform isn't complete without swipe fee reform," Duncan said. "Chairman Dodd has acknowledged the impact of these fees on consumers in the past, and we hope to see them addressed in the final version of this legislation."