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National Restaurant Association - NRA, other retailers make case for debit-fee reforms

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NRA, other retailers make case for debit-fee reforms

With millions of other retailers represented by the Merchants Payments Coalition, the National Restaurant Association is asking Congress to stand up for debit swipe-fee reforms.

Reps. Jason Chaffetz (R-Utah) and Bill Owens (D-N.Y.) last week introduced a bill to repeal the swipe-fee reforms that took effect for merchants on Oct. 1. The NRA opposes that bill.

Debit-card swipe fees dropped for many NRA members as the NRA-supported Durbin Amendment took effect Oct. 1. The Federal Reserve's rules implementing the Durbin Amendment for the first time cap debit-card swipe fees for merchants at 21 cents per transaction plus 0.5 percent of the transaction price and an extra cent if card issuers have taken certain security measures.

The Merchants Payments Coalition opposes the Chaffetz/Owen effort. The MPC supports an effort by other lawmwakers who have asked the Justice Department to look into potentially anticompetitive behavior by banks who have recently moved to raise fees on debit-card users.

 

 

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