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 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…
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…
7-Eleven Franchisees Convene on Capitol Hill
Retailers ask Congress to stand by small business, uphold swipe fee reform. On March 30, 7-Eleven franchisees from across Maryland and Virginia met with Senators, Congressmen and staff to ask them to protect and implement the critical swipe fee reforms that were passed by Congress and signed into law by the president last year. Sen.…
NCASEF Fights for Interchange Reform
Franchise owners headed to Washington, D.C. over the next 10 weeks to visit members of Congress, and encourage them to support the Federal Reserve’s swipe fee rulemaking process. The National Coalition of Associations of 7-Eleven Franchisees (NCASEF) came out Monday in support of debit card swipe fee reform, calling on Congress and the Federal Reserve…
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…
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…
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…