Two U.S. House lawmakers plan to introduce a bill to repeal a Federal Reserve rule capping debit-card swipe fees, Bloomberg reported today, Oct. 12. Representatives Jason Chaffetz, a Utah Republican, and Bill Owens, a New York Democrat, are introducing a measure later today to repeal the rule required under the 2010 Dodd-Frank Act, John Hadlock,…
Stacking the Cards In Your Favor
General purpose prepaid debit cards are rapidly gaining favor with consumers as an alternative to closed-loop gift cards. By John Lofstock, Editor. Sales of open-loop prepaid cards, issued by banks and credit card companies and able to be used at multiple establishments, are only going to go up as more consumers come to appreciate their…
Updating the State of the Industry
NACS Chairman Jeff Miller discusses card fees, fuel and the future of convenience stores. By John Lofstock, Editor. Jeff Miller, president of Miller Oil Co. in Virginia, wears many hats. He is an oilman, an industry advocate and a leader. For the past year, he has also been the chairman of NACS, which could…
NACS Reacts To 21 Cent Cap on Swipe Fees
NACS calls Fed’s final rule “an irresponsible abdication of its legal duty.” The U.S. Federal Reserve’s final rules on debit card swipe fees “is an irresponsible abdication of its legal duty to implement the law as written,” said National Association of Convenience Stores (NACS) Senior Vice President of Government Relations Lyle Beckwith. The final rules…
Swipe Fee Reform Safe
It’s a huge victory for convenience store retailers and merchants across the U.S. today, as the Senate rejected an amendment offered by Senators Jon Tester (D-MT) and Bob Corker (R-TN) to delay swipe fee reform. The vote was 54-45 in favor of the Tester-Corker amendment, six short of the 60 needed to delay swipe fee…
NACS Responds As Debit Card Reform Passes Final Barrier
The Senate’s rejection of an amendment offered by Senators Jon Tester (D-MT) and Bob Corker (R-TN) demonstrates the power of consumer and retail industry advocacy efforts and is a major victory for the convenience and fuel retailing industry, said NACS Chairman Jeff Miller. The Tester-Corker amendment needed 60 votes for passage in the Senate, however…
Swipe Fee Vote Pending Today
NACS is urging retailers to call their Senators in one final push before the 2p.m. EST vote. Today, June 8, at 2 p.m. EST, the Senate is set to vote on an amendment by Senator Jon Tester (D-MT), which seeks to delay and effectively kill swipe fee reform. The debate ( happening now) and the…
How Involved Are You?
By: John Lofstock, Editor. After a years-long struggle to get some much-needed relief from the high interchange fees that are eroding the industry’s profitability, convenience store operators are in danger of seeing the victory slip between their hands. The Durbin amendment to the Dodd-Frank Consumer Financial Protection Act, which is set to be finalized April…
Swipe Fee Fight Returns To Capital Hill
“We’re not looking for a free ride. What we’re looking for is fair and reasonable,” notes 7-Eleven Franchisee Dennis Lane. Thursday, Feb. 17, marks the eighth public hearing on debit and credit card swipe fees. The hearing, scheduled for 10 a.m. is set to be held in the House Subcommittee on Financial Institutions and Consumer…
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…