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Tell Congress to Protect Debit Swipe Fee Reform!

The Wyoming Retail Association and the National Retail Federation need your help to preserve debit swipe fee reform. Please urge your Congressional Representative to oppose efforts by the big banks to repeal the debit swipe fee reform, which would limit competition and double debit swipe fees for retailers. Repeal would cost our industry and our customers $8.5 billion a year nationally.

In 2010, Congress passed debit swipe fee reform (a.k.a. the Durbin amendment) as part of Dodd-Frank, which restricted unfair and exorbitant debit swipe fees charged by the big banks. But now those banks are plotting to repeal this critical reform—and restrict competition
in the payments processing market and revive the higher fees—by getting Congress to insert debit swipe fee reform repeal into a broader effort to revise Dodd-Frank: HR10, Financial CHOICE Act of 2017.

And the Financial CHOICE Act is moving through Congress. This bill was reported out of
the House Financial Services Committee May 4, and it includes a complete repeal of widely-supported debit swipe fee reform. If adopted, it would double debit swipe fees overnight.
Even with the reform, retailers and consumers still pay $50 billion a year in swipe fees. Imagine the burden if banks can reinstate 1-2% fees on each debit purchase in addition to a higher percentage of the transaction. Costs and prices will rise, the big banks will grow even bigger, and Main Street businesses will suffer.

This is not what Americans want: 89 percent of consumers say debit swipe fee reform should remain. Repeal will further entrench the biggest banks, restrain competition, reduce payment security, and stall innovation.

The NRF and WRA urged the enactment of the swipe fee reform in 2010 and fought to keep it in place in 2011—and we can't stop now.
That's why we're calling on ALL of our members to contact your representative in Congress and let them know that debit swipe fee reform must stand!

 

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Wyoming Retail Association (WRA)
P.O. Box 1003, Cheyenne, WY 82003  Phone: (307) 634-8816, Fax (307) 632-0249