National Retail Federation and other groups attacked the amount of debit card interchange allowed.
CUNA, NAFCU and bank trade associations fire off a letter to leaders on Capitol Hill countering what they say are false retailer claims about data breaches.
For years, banks have issued fraud-prone mag stripe cards, putting information at risk, the letter from the National Retail Federation said.
Electronics Payment Coalition counters NRF and other appealing firms don't represent most retailers.
The National Retail Federation has urged the Federal Trade Commission to move cautiously in establishing regulations for mobile payments.
One indication of how deeply plastic payments have influenced the U.S. retail market has been the explosive growth in gift cards at the expense of cash, checks and other forms of plastic. Not only has the National Retail Federation reported that gift cards have effectively extended the holiday shopping season...
Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups have sued the agency.
Retail groups say Fed has failed to regulate swipe fees under intent of Dodd-Frank.
Credit unions looking to boost fee income with card interchange from holiday sales may not see as much holiday cheer as last year.
Several sources tell Credit Union Times that Sen. Jon Tester (D-Mont.) will offer amendment during debate of a funding bill.