We need your help to preserve debit swipe fee reforms. Please urge your Congressional Representative to oppose efforts by the big banks to repeal the debit swipe fee reforms, which would limit competition and double debit swipe fees for retailers. Repeal would cost our industry and our customers over $6 billion a year.
In 2010, Congress passed debit swipe fee reforms, which restricted unfair and exorbitant debit swipe fees charged by the big banks. But now those banks are plotting to repeal these critical reforms—and restrict competition in the payments processing market and revive the higher fees—by getting Congress to insert debit swipe fee reform repeal language into Financial CHOICE Act of 2017.
The Financial CHOICE Act is moving through Congress now. 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 reforms. If adopted, it would double debit swipe fees overnight.
Even with the reforms, 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 reforms should remain. Repeal will further entrench the biggest banks, restrain competition, reduce payment security, and stall innovation.
Retailers have spent years fighting to bring competition to payment cards. We urged the enactment of the swipe fee reforms 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 their representative in Congress and let them know that debit swipe fee reforms must stand!
The Texas Retailers Association (TRA) is a 501(c) 6 non-profit organization dedicated to keeping Texas “retail friendly” for business owners through legislative advocacy. Since 1926, our diverse membership has represented every segment of the retail industry throughout Texas — from the smallest neighborhood store to the largest corporate chain. Recognized as the Voice of Texas Retail, TRA effectively advocates for Texas retailers at the State and Federal level while providing value-added services and partner programs for its members. Visit www.txretailers.org and join today!