Montana convenience stores speak out on the efforts of a state senator. Montana c-store operators target U.S. Sen. Jon Tester, D-Mont., in a newspaper and TV ad, denouncing him for his 2011 effort to stall new limits on debit card “swipe fees” charged by banks, the Missoulian reported. The ads launched last weekend, claiming that…
Red Eagle Oil Auction to Resume
A U.S. Bankruptcy Court in Wyoming has approved Red Eagle Oil Inc. plan to sell off its retail assets. The company is offering its 15 convenience stores in Wyoming for sale individually, in groups or as a package. Under the bid procedures, parties have until May 2 to submit offers, court papers show. An auction…
NACS Issues an Urgent Industry Call to Action on Swipe Fee Reform
“We are locked in a difficult battle and we cannot afford to be defeated. Retailers must contact their senators and urge them vote against the Tester Amendment. If not, all of the hard work we have done over the past decade on swipe fee reform could be lost in an instant. Losing simply isn’t an…
Swipe Fee Fight Continues
NACS urges retailers to join it on Capital Hill to show support for the Durbin Amendment that regulates interchange fees. With a new Congress in session, the rule regulating interchange fees runs the risk of being overturned, and NACS is urging retailers to show their government the issue remains important to them. The Dodd-Frank Wall…
The Fight for Interchange Reform Continues
The long and winding road to controlling credit card fees took yet another turn on Oct. 12, 2010, when TCF National Bank, a subsidiary of TCF Financial Corp., filed a lawsuit challenging the constitutionality of the Durbin Amendment, which was included in the Wall Street Reform and Consumer Financial Protection Act of 2010, also known…
Senate Passes Financial Reform
The convenience and petroleum retailing industry are now celebrating the end of a nearly 10-year battle to rein in interchange fees. Yesterday, July 15, the U.S. Senate voted 60 to 39 in support of the financial reform package known as the Dodd-Frank Bill that contains the crucial interchange amendment, NACS reported. Thursday’s vote was the…
House Passes Swipe Fee Reform Bill
Last night, Wednesday, June 30, the House voted on the financial bill package, passing it by a vote of 237-192, with the swipe fee amendment intact, NACS reported. The bill was not without changes though. Earlier this week the Conference committee working on the financial services overhaul met again to alter aspects of the bill…
Financial Reform Faces Crucial Vote
As the House and Senate prepare to vote on the financial reform bill—containing the Durbin amendment on interchange fees—this week, NACS’ message to retailers is that the battle is far from won. Three hurdles remain: passing the House, passing the Senate and getting signed into law by President Obama. “Until all three happen, actually, until…
Agreement Reached On Interchange
Assistant Senate Majority Leader Dick Durbin (D-IL) and key conferees have reached an agreement on the Wall Street reform bill, regarding his amendment regulating interchange fees, NACS reported. The agreement makes minor, clarifying changes to the language, which passed the Senate 64 to 33 on May 13, and responds to concerns raised by state governments…
Senate Passes Swipe Fee Reform
The U.S. Senate voted to include swipe fee reform in the Restoring American Financial Stability Act of 2010 through an amendment introduced by Sen. Richard Durbin. Specifically, the measure is expected to ensure that debit card transactions are reasonable and proportional to the cost of processing the transaction. “Tonight, the Senate stood up to the…