Makes strong case for credit-card reform. In a news story today, USA Today exposed some of the myths banks propagate about hidden, exorbitant “swipe” fees the banks charge retailers when customers buy with credit or debit cards, the Merchants Payments Coalition reported. The article also makes a strong case for reforming the way Visa and…
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…
Vermont Passes Interchange Law
Vermont has passed legislation governing interchange fees on credit and debit card transactions, becoming the first state to take such action, the Washington Post reported. The move comes just one week after the U.S. Senate approved an amendment that would address interchange fees to the financial overhaul bill. “What Vermont has done is a first…
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…
Kum & Go Fights Interchange Fees
Kum & Go, L.C. has collected more than 40,000 signatures from customers wanting to control and reduce credit and debit card swipe (or interchange) fees put on customer transactions. The signatures were collected in one month from all Kum & Go stores as part of NACS’ Fight Swipe Fees petition drive. “Kum & Go joined…
NACS Introduces Teri Richman Internship Program
NACS has established an ongoing internship program honoring Teri Richman to perpetuate her passion for growing young talent, exploring new ideas and bettering the industry. The program was announced Feb. 10 at the NACS Leadership Forum in San Francisco. Richman joined NACS in 1982 as its first in-house federal lobbyist and played a critical role…