creditcards

Could Real Swipe Fee Relief Be On the Way?

Some speculate Visa and MasterCard could settle lawsuit before September Court date. Visa Inc. and MasterCard Inc. are reportedly prepared to settle a seven-year lawsuit brought by retailers, regarding swipe fee costs, sometime late this month—even as soon as next week, Bloomberg reported. The deal may include payments to retailers and a temporary cut in

creditcards

Banks Raise Fees To Compensate For Debit Reform

After Durbin Amendment, banks begin charging customers monthly fees. Banks are fighting back as the Durbin Amendment is set to go into effect Oct. 1. The Federal Reserve Board in June ruled that per the Durbin Amendment debit swipe fees would be capped at 21 cents per transaction—down from 44 cents. But now banks are

Interchange Reform Continues

Now that the Durbin Amendment, part of the Wall Street reform bill, has been signed into law by President Obama, the industry continues to address issues related to interchange reform. Texas Petroleum Marketers and Convenience Store Association (TPCA) President Chris Newton noted the amendment was “an important first step” in dealing with the negative impacts

President Signs Swipe Fee Reform Into Law

Interchange relief became a reality today as President Obama signed the financial services reform bill into law. The new law contains Senator Richard Durbin’s swipe fee amendment, which is expected to result in lesser debit card interchange fees and bring critical financial relief to retailers and consumers while promoting greater competition within the credit card

Swipe Fee Reform Advances

The U.S. House of Representatives and Senate negotiators have sided with retailers, reaching an agreement to include swipe fee reform provisions in the final financial services reform bill that is now on its way to Congress for a final vote. The provisions, known as the Durbin Amendment after the author, Senator Richard Durbin (D-IL), is

Swipe Fee Debate Builds

In a letter dated June 16, Representative Debbie Wasserman Schultz (D-FL) and 130 other members of Congress outline their concerns with the Durbin Amendment that gives retailers and consumers relief from outrageous swipe fees, NACS reported. They cite the benefits that all users of electronic payments systems receive and the “lack of Congressional review” of

Swipe Fee Fight Mounts

Building on 7-Eleven’s successful “Stop Unfair Credit Card Fees” consumer petition campaign, convenience store operators joined with U.S. Representatives Peter Welch and Bill Shuster to deliver an additional two million new customer signatures collected during the NACS “Stop Unfair Swipe Fees” campaign, which is asking Congress to put an end to unfair, hidden credit and

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