Return of the swipe fees?
The Financial Choice Act, backed by U.S. Rep. Jeb Hensarling (R-Texas), could mean the repeal of the Durbin Amendment and thus the end of debit-card swipe-fee controls as we know it.
The Durbin Amendment, part of the 2010 Dodd-Frank Wall Street reform package, limits the fees that Visa and MasterCard can fix on behalf of the largest banks. NACS, along with other members of the Merchants Payments Coalition, is advocating for the repeal of the provision ending the Durbin Amendment.
“The proposed repeal would raise costs for and dampen job-creating investment by small businesses and drive up prices for consumers," said Lyle Beckwith, senior vice president of government relations for NACS, "while generating even greater profits for the giant banks who already benefit from the highest swipe fees in the world, even with reform in place."
Opponents, however, say the savings created by the Durbin Amendment have not been passed on to consumers as intended.
Good for c-stores? No.