Introduction of Bill, "Debit Interchange Fee Study Act" Pleases MasterCard

March 15, 2011 12:59 PM Eastern Daylight Time 

MasterCard Statement on Debit Interchange Fee Study Act

PURCHASE, N.Y.--(BUSINESS WIRE)--MasterCard is pleased that members of the United States Senate have come together to introduce the Debit Interchange Fee Study Act, a bill calling for a study and delay in the implementation of the Durbin Amendment. Since the passage of the Durbin Amendment and following the Federal Reserve’s proposed rules, concerns regarding the impact have been raised by organizations representing small financial institutions and credit unions, consumer groups, a variety of federal regulatory bodies and consumers themselves.

“We are encouraged by the bipartisan support calling for a study and delay of the Durbin Amendment and if passed, the bill will enable Congress to take the necessary time to examine the Amendment and study its potential effects on consumers”

“We are encouraged by the bipartisan support calling for a study and delay of the Durbin Amendment and if passed, the bill will enable Congress to take the necessary time to examine the Amendment and study its potential effects on consumers,” said Noah J. Hanft, MasterCard general counsel. “We are confident that a study will show that directing the government to fix prices rather than letting the free market system work will result in higher prices for consumers.”

About MasterCard Worldwide

As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.

Contacts

Media:
MasterCard Worldwide
James Issokson, 914-249-6286
james_issokson@mastercard.com

Permalink: http://www.businesswire.com/news/home/20110315006813/en/MasterCard-Statement-Debit-Interchange-Fee-Study-Act

Debit Interchange Fee Study Act Seeks to Suspend Durbin Implementation for Two Years

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Bipartisan coalition of Senators: Stop and Study proposed Debit Card rule  

Proposed Fed rule will have unintended consequences for consumers, community banks, credit unions

Tuesday, March 15, 2011  

(U.S. SENATE)  – Senators Jon Tester (D-MT), Bob Corker (R-TN), Jon Kyl (R-AZ), Ben Nelson (D-NE), Tom Carper (D-DE), Pat Roberts (R-KS), Chris Coons (D-DE), Mike Lee (R-UT), and Pat Toomey (R-PA) today introduced legislation to protect consumers, small businesses and rural and small community banks and credit unions from a proposed rule regarding transaction fees on debit cards.

The bipartisan coalition of Senators today introduced the Debit Interchange Fee Study Act in response to concerns of the impact of a proposed rule from the Federal Reserve on consumers and small businesses.

The Federal Reserve is proposing a rule that will cap the interchange fee per debit card transaction at 12 cents, regardless of the size of the transaction. Consumer advocacy organizations have raised concerns that this proposed rule will significantly impact consumers because small banks may limit the size of a debit card transaction or end free checking services.

The Debit Interchange Fee Study Act suspends implementation of the proposed rule and calls for a two year study of debit interchange fees.

“The stakes are simply too high to move forward with this rule without a closer look at the impact on consumers, credit unions, community banks, and the small businesses and jobs they sustain” said Tester, a member of the Senate Banking Committee.  “That is why we need to make sure we stop and study these proposed rules before implementing anything.”

“The federal government shouldn’t be telling private companies what they can charge for goods and services; that’s price fixing, and that’s exactly what the Durbin amendment does,” said Corker, a member of the Senate Banking Committee.  “The hastily passed Durbin amendment will have numerous unintended consequences for debit card users, including reduced access and increased fees.  I’m sympathetic to retailers’ concerns and am open to a better solution, but the Durbin amendment isn’t the answer.”
           

“I’m concerned that the proposed rule dictating debit card interchange fees will have a harmful effect on consumers, small banks and credit unions,” Carper said.  “This legislation will allow Congress and federal regulators to take a thoughtful pause and avoid unintended consequences.”

“The government should not be in the business of setting price controls on any product and implementing this rule would set a precedent for that,” said Roberts. “We need more time to sufficiently review this regulation, because failing to get it right ultimately means it will fall on the backs of consumers, merchants and financial institutions, including our small community banks. And at a time when Americans are watching every penny, we cannot afford to let that happen.”

"The concerns raised by Fed Chairman Bernanke and FDIC Chairman Sheila Bair about the potential harm to credit unions and community banks require further study of the unintended consequences of this rule," Coons said.  "Any government regulation of interchange fees should yield some tangible consumer benefit, but the Fed's current cap offers no such guarantee.  Further study will help yield a more thoughtful, long-term solution."

“Price controls are almost always problematic,” said Lee, who is Ranking Member on the Judiciary’s Subcommittee on Antitrust, Competition Policy and Consumer Rights. “If the rule remains in place, retailers, banks and consumers will lose out in the long run through higher costs and limited choices.  I believe we can form a better solution that does not unnecessarily burden small businesses and local financial institutions or pass fees on to the customer.  The delay in implementing the rule will allow us to find options that benefit everyone.”

A copy of the S. 575 can be found online HERE.

Cards Asia 2011 to Showcase a Wide Spectrum of Payments Innovation and Applications

Singapore, Mar 15, 2011 - (ACN Newswire) - Smart payments and smart technologies will take centre stage at Cards Asia 2011 on 13-15 April 2011 at Suntec Singapore International Convention & Exhibition Centre. Amidst a buoyant Asian economy, the region's no. 1 cards show expects to attract 8,000 attendees across traditional and new sectors, including banking and financial, telco, retail, government, healthcare, transport and near field communication. Co-located with Cards Asia are seven synergistic events, namely, Prepaid Cards World Asia, RFID World Asia, Near Field Communication (NFC) World Asia, Mobile Money World Asia, Retail World Asia, and the inaugural Digital ID World Asia and Transport Ticketing World Asia.

According to independent smart card industry organisation, Asia Pacific Smart Card Association (APSCA), smart card technology continues to become increasingly pervasive. Some of the regional developments in the last two years include governments' increased smart card rollout for e-government services such as chip-based passports and visas, bank payments being migrated to adopt the EMV standard enabling debit and credit card transactions, digital identification, and mobile payments, or m-payments, which analysts forecast to be US3.6 billion-worth in 2015.


Organised by Terrapinn, the three-day event is bustling with five powered-up conferences to be participated by 700 delegates, over 40 free educational on-floor seminars and an exhibition area spanning 8,000 sqm showcase of the latest in smart technologies. Participants will hear from over 100 esteemed and most sought-after speakers from industries such as banks, telcos, retail and transport.


Richard Ireland, Chief Executive Officer, Terrapinn Asia Pacific: "Cards Asia pioneered the cards and payments innovation show 16 years ago. It has since evolved to cover the broadest spectrum of smart payments and smart technologies today. With the rebound in the Asian economy and our prolific three-day agenda, we expect top-notch attendance from all over the region and outside, and an even more dynamic showcase of innovations and applications which is truly becoming of a 'smart cards revolution'."


Smart Technology Trends as Viewed by Industry Players


Silas Brown, Managing Director, Collis: "In the digital and virtual world, there is steady development from e-Commerce to m-Commerce or mobile commerce. In the real/physical world, the face of proximity payments is shifting from contactless cards to near field communications. Many people see mobile phones as an 'extension of the internet into consumers' pockets. Mobile phones are rapidly becoming a platform for offering all sorts of value-added applications such as banking, ticketing, loyalty and advertising."


Andrew Phay, Vice President and Head of Retail, Wincor Nixdorf, Asia Pacific: "Despite worldwide attempts to move towards cashless societies, nine out of 10 transactions continue to be made in cash globally and the cost of handling notes and coins has reached US$300 billion, according to analysis by consultants McKinsey and Wincor Nixdorf. Cash in circulation continues to rise in mature and developing economies despite the use of electronic payments, according to a variety of central bank data. Retailers suffer the most from the entire cash chain and have to grapple with other cash-related issues such as security, transparency and the continued use of old-fashioned manual processes."


Elias Ghanem, General Manager for Southeast Asia and India, PayPal: "Online retail in Asia Pacific continues to grow at a phenomenal rate, with regional sales of US$150 billion in 2010 expected to grow to US$250 billion in 2012, as Asian consumers are spending more time researching and identifying products online and through their web enabled mobile devices. Fuelled by the popularity and ultimate convenience of smartphones and tablets, mobile shopping are luring consumers to buy anytime and anywhere. M-commerce across the region will grow even faster than online retail sales, from US$43 billion in 2010 to US$139 billion in 2012. With over 100 million smartphones expected to be sold in Asia Pacific this year, m-commerce is a trend that retailers must act quickly on or else risk losing sales in their traditional channels. It will become increasingly important for retailers to offer a range of fast, secure payment solutions across multiple touch points, especially mobile devices."




About Terrapinn


Terrapinn is a Business to Business media company. Our products are trade exhibitions, conferences, training courses and print publications. For more information, please visit: www.terrapinn.com.


Media Contact:


EASTWEST PR for Terrapinn
Melinda Ilagan / Laurent Decosse
Tel: 65.6222.0306
Email: terrapinn@eastwestpr.com


Terrapinn Marketing:


Christine Lee,
Marketing Manager
Tel: 65.6322.2301
Email: christine.lee@terrapinn.com




Mar 15, 2011
Topic: Trade Show or Conference
Sectors: Credit Cards
http://www.acnnewswire.com
From the Asia Corporate News Network 

Copyright © 2011 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Apple Says No NFC in iPhone 5

Rumor: iPhone 5 won't be getting NFC, delayed till 2012 

Go to NFCData.com to learn more, Click to Enlarge

By Emil Protalinski, TechSpot.com 
Published: March 14, 2011, 9:33 AM EST

Apple was expected to include Near Field Communication (NFC) hardware in the 2011 releases of the iPhone and iPad, in order to allow customers to make purchases at retail stores with said devices. The iPad 2 was released without any NFC technology, and it now looks like we'll see the same story for the upcoming iPhone 5, according to The Independent:

Sources at several of the largest mobile operators in the UK revealed Apple had disclosed in meetings that it would not be including Near Field Communication (NFC) technology – which enables payment for products with a wave of your phone on a reader – in the latest version of the iPhone, be it the iPhone 4GS or the iPhone 5. One source close to the discussions said: "The new iPhone will not have NFC, Apple told the operators it was concerned by the lack of a clear standard across the industry." Yet Apple is understood to be working on its own NFC proposition, which would link payments through iTunes. It hopes to introduce the technology in a handset likely to be released next year.

NFC technology adoption is widely anticipated to ramp up this year; it's arguably the biggest addition to new mobile OS versions, or at least that's what the industry thought. It's thus disappointing that Apple will not be on board as the company has enough market share to make or break a standard. Waiting until 2012 could change everything.

When Google officially introduced Android 2.3 and the Nexus S late last year, NFC support was a go. Although most Android phones don't have NFC built-in right now, Google was clear that it believes future phones should have it. Apple is apparently not at that stage yet.

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• iPhone 5 will not include NFC technology (edibleapple.com)

ANZ and Visa Trial Contactless iPhone Case

Source: Finextrra


Australia's ANZ and Visa have teamed up to pilot an iPhone case that turns the handset into a contactless payments device.

The four week trial will see fifty participants from the Sydney and Melbourne offices of the two companies given the cases with a secure microSD memory card that hosts a pre-paid ANZ account that can be topped up over the Internet.  This will enable them to make payments of under A$100 at the point of sale by waving the phones against contactless readers that are already installed at over 20,000 outlets across the country.  The system taps technology from Texan start-up DeviceFidelity which has already been piloted in the US by Wells Fargo, Bank of America and US Bancorp.   Vipin Kalra, country manager, Visa, says: "The possibilities with mobile are endless, your mobile could allow more than just payments - you could manage your account, detect fraud and receive real time offers from merchants. Your mobile could become the new virtual wallet - it's in the future but that's definitely where we're headed."  Earlier this week it was reported that Apple has rejected plans to include NFC chips in the next generation of iPhones. The rumours have kickstarted a debate over Apple's long-term plans for mobile payments, and left the field open for competing systems from card scheme operators such as Visa, Google Android and telecomms firms.

AuthenTec to Demonstrate Smart Sensors, Software and Solutions for NFC Mobile Commerce and Embedded Security at International CTIA Wireless 2011

March 15, 2011 09:03 AM Eastern Daylight Time 

CTIA WIRELESS 2011

ORLANDO & MELBOURNE, Fla.--(BUSINESS WIRE)--AuthenTec (NASDAQ: AUTH), a leading provider of security and identity management solutions, today announced that it will exhibit and demonstrate its newest smart fingerprint sensors, mobile identity management software and solutions for embedded security and NFC mobile commerce (m-Commerce) at the International CTIA Wireless 2011 exhibit and conference at the Orange County Convention Center in Orlando, Florida from March 22-28.

AuthenTec will demonstrate its newest smart sensors and software which provide convenient security and expand touch-powered features and functions in today’s mobile phones, including the first fingerprint-enabled Android phones that are now available. The Company will also demonstrate secure NFC-based m-Commerce and Embedded Security Solutions for mobile DRM content protection and VPN security. Visitors may learn more by stopping by AuthenTec’s exhibit, Booth 3096, or arrange a customer meeting by contacting Brent Dietz at brent.dietz@authentec.com.

AuthenTec offers complete security solutions for handset makers, mobile operators, and rich content providers, including fingerprint sensor hardware, identity management software and embedded security. The Company has shipped more than 13 million fingerprint sensors for use in wireless devices and its offering includes the world’s smallest navigation and fingerprint matching device for mobile phones, the AES850. AuthenTec’s proven embedded security offering includes its DRM Fusion™ Agent which supports multiple industry standards, and is available as a complete pre-integrated or downloadable solution for Android- and Apple iOS-based handsets. AuthenTec’s also offers a fully featured IPsec VPN Client, QuickSec™ Mobile VPN, which provides enterprise-class security for Android and other mobile platforms.

About CTIA Shows

CTIA shows bring together all industries advanced by wireless technology for intense business, learning and networking. International CTIA WIRELESS® 2011 takes place March 22-24 at the Orange County Convention Center in Orlando, Florida. CTIA ENTERPRISE & APPLICATIONS™ 2011 takes place October 11-13 at the San Diego Convention Center in San Diego, California. Visitwww.ctiashow.com.

About AuthenTec

AuthenTec is the world’s #1 provider of fingerprint sensors, identity management software, and embedded security solutions. AuthenTec solutions address enterprise, consumer and government applications for a growing base of top tier global customers. Already shipped on hundreds of millions of devices, the Company's smart sensor products, software and embedded security solutions are used virtually everywhere, from the PC on your desk to the mobile device in your hand to the server in the cloud. AuthenTec offers developers and users secure and convenient ways to manage today's rapidly evolving digital identities and security needs. For more information, visit www.authentec.com or follow us at twitter.com/authentecnews.

Contacts

AuthenTec
Brent Dietz, +1-321-308-1320
Director of Corporate Communications
brent.dietz@authentec.com

Permalink: http://www.businesswire.com/news/home/20110315006089/en/AuthenTec-Demonstrate-Smart-Sensors-Software-Solutions-NFC

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U.S. Banking Groups Join TCF in Debit Fee Legal Battle

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March 14, 2011 05:02 PM Eastern Daylight Time 

WAYZATA, Minn.--(BUSINESS WIRE)--Several groups and organizations filed amicus briefs last week in support of the lawsuit filed by TCF National Bank (“TCF”), a subsidiary of TCF Financial Corporation (NYSE: TCB), challenging the constitutionality of the Durbin Amendment of the Dodd-Frank Act. A total of four amicus briefs supporting TCF were filed by the following groups and organizations: 1) a group consisting of the American Bankers Association, Consumer Bankers Association, Mid-Size Bank Coalition of America, Independent Community Bankers of America, National Association of Federal Credit Unions, Credit Union National Association, Financial Services Roundtable, and The Clearing House Association; 2) a group of 22 State Bankers Associations, led by the Minnesota Bankers Association, representing more than 4,400 member banks; 3) South Dakota Bankers Association; and 4) a group of ten economists and law and economics scholars including Todd Zywicki, George Mason University Professor of Law.

“These amicus briefs clearly illustrate the concerns shared not only by the big banks, but by the banking industry as a whole, regarding the potential negative implications of the Durbin Amendment on TCF, other banks and the payments system.”

“We are pleased with the amount of support expressed in favor of this very important lawsuit,” said William A. Cooper, Chairman and CEO of TCF Financial Corporation. “These amicus briefs clearly illustrate the concerns shared not only by the big banks, but by the banking industry as a whole, regarding the potential negative implications of the Durbin Amendment on TCF, other banks and the payments system.”

TCF National Bank is a subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national bank holding company with $18.5 billion in total assets. TCF has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.

Contacts

TCF Financial Corporation, Wayzata
Jason Korstange, 952-745-2755
www.tcfbank.com

Related articles

• U.S. banking groups join debit fee legal battle (reuters.com)

Visa’s Payments Volume in Latin America and the Caribbean Grew 23.2%1 in 2010 to US$270 billion

March 14, 2011 01:13 PM Eastern Daylight Time 

MIAMI--(BUSINESS WIRE)--Visa Inc. (NYSE: V) today announced its Latin America and Caribbean performance results for the year ended December 31, 2010. Regional payments volume growth reached 23.2 percent in 2010, with Brazil recording 24.6 percent, Mexico 16.8 percent, and the rest of Latin America and Caribbean as a group reporting a 22.8 percent yearly growth. Strong performance was fueled by continued growth in payments volume and processed transactions regionally – Visa’s core business.

“The Visa network is the foundation for the payment services and solutions that differentiate our brand. It allows Visa to provide clients, consumers, businesses and governments with fast, trustworthy and secure transaction processing while, at the same time, fueling the Latin American and Caribbean economy.”

“This performance is the outcome of a sound global strategy: to migrate cash transactions to our global processing network,” stated Eduardo Eraña, President of Visa, Latin America and the Caribbean Region. “The Visa network is the foundation for the payment services and solutions that differentiate our brand. It allows Visa to provide clients, consumers, businesses and governments with fast, trustworthy and secure transaction processing while, at the same time, fueling the Latin American and Caribbean economy.”

For the quarter ending on December 31, 2010, the busiest season of the year, Visa’s payments volume for Latin America and the Caribbean grew by 26.7 percent to US$82 billion. The number of transactions processed by the Visa network in Latin America and the Caribbean reached 916 million during the same quarter, which represents 226 million more transactions than the same period in 2009.

In 2010, Visa core debit and credit products saw considerable growth. The high level of efficiency and transparency offered by Visa debit products paved the way for the introduction of financial services in developing markets, incorporating previously unbanked consumers into the financial system. Payments volume for Visa debit products in 2010 reached a 28.2 percent growth in Brazil, 19.1 percent in Mexico and 29.0 percent in the rest of Latin American and Caribbean countries as a group.

Likewise, increased access to credit in emerging economies boosted Visa’s credit payments volume for a yearly growth of 22.6 percent in Brazil, 14.8 percent in Mexico and 20.4 percent in all other Latin American and Caribbean countries. In 2010 Visa aggressively promoted Visa Gold, Visa Signature, Visa Platinum, and Visa Infinite cards, its credit products for affluent consumers, which were the main drivers of growth for the credit segment.

Key alliances such as the recently announced partnership with money transfer services company MoneyGram, have allowed Visa to penetrate new market segments by offering greater speed, security, trustworthiness, and cost-effective payment tools to more consumers in more places. By easing the flow of remittances, Visa opens the spectrum of options available to consumers in sending money to others who now have convenient access to funds through Visa’s global network, via millions of businesses.

The company’s regional financial results also confirm a focus on expanding emerging channels such as e-commerce and mobile payments, which represent the biggest opportunities in the regional payments industry.

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.

¹ All growth data quoted in this release is in Constant US$ terms.

Contacts

Visa Inc.
Camilo Pino, + 1-305-328-1493
Latin America and Caribbean Region
cpino@visa.com
or
Burson–Marsteller
Valerie Jaimes, + 1-305-347-4359
valerie.jaimes@bm.com

Permalink: http://www.businesswire.com/news/home/20110314006566/en/Visa%E2%80%99s-Payments-Volume-Latin-America-Caribbean-Grew

Visa Inc. to Present at the Barclays Capital Emerging Payments Forum

SAN FRANCISCO, March 15, 2011 /PRNewswire/ -- Visa Inc. (NYSE: V) announced today that Michael Walsh, President and Chief Executive Officer at CyberSource Corporation, will present at the Barclays Capital Emerging Payments Forum in New York onTuesday, March 29, 2011. The presentation will begin at 9:20 a.m. Eastern Time and last for approximately 40 minutes.

A listen-only audio webcast and replay will be accessible for 30 days on the Investor Relations web site at http://investor.visa.com.

About Visa Inc.

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.

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Small Business Owners, Rep. Welch Brave Storms to Protect Swipe Fee Reform!

Reforms passed by Congress last year must be properly implemented in light of Wall Street push to weaken reform

WASHINGTON, March 10, 2011 /PRNewswire-USNewswire/ -- More than 100 small business owners from across the country descended upon Washington, D.C. today where they braved severe weather conditions to participate in a rally outside the U.S. Capitol to urge Congress and the Federal Reserve to protect commonsense swipe fee reform – then marched to Capitol Hill to conduct face-to-face meetings. Last year, Congress passed and the president signed into law important bipartisan reforms to rein in excessive swipe fees. Now, as the Federal Reserve (the Fed) works to establish rules guiding implementation, the big banks and credit card companies are lobbying to weaken reform in a last ditch effort to retain their perks and profits – but Main Street continues to fight the good fight.

"Last year Congress passed common sense legislation to protect small businesses and consumers from the fees charged by big banks and credit card companies on debit card purchases," Senator Durbin (D-IL) said. "I'll continue to stand with small business owners as we fight Wall Street's desperate attempts to block reforms from going into effect."

"After the epic overreach by the big banks and credit card companies, Congress enacted legislation that put a cop on the beat," Congressman Welch said. "We made sure that no longer would big banks be able to charge the highest fees in the world and rack up billions of dollars in profits on the backs of small businesses and consumers. I am confident that the same movement that brought reform will beat back the efforts of big banks and credit card companies to hold on to their profits and weaken the law."

For small business owners across the country, properly implementing these reforms means an opportunity to grow their businesses, offer better pay to employees, and pass savings on to their customers. As the Fed works to establish rules to determine how the reforms will be implemented, these small business owners hope the original intent of the law prevails. For big banks and credit card companies, however, implementing these reasonable reforms as passed by Congress means no longer enjoying the sky-high profits and sensational perks that they have enjoyed throughout years of out of control fees.

"The rain isn't stopping today, and either are we... we've come too far in this fight to let a little rain stop us," said National spokesman for Reform Swipe Fees NOW! and 7-Eleven franchise owner, Dennis Lane. Year after year I have seen these fees continue to rise and prevent guys like me from lowering prices, expanding business or strengthening a local economy. Well enough is enough! We have got to protect the reforms that Congress passed."

"The original intent of the reforms as passed was to enable a system in which debit swipe fees are reasonable and proportional to the processing costs incurred," said NACS president and CEO Hank Armour. "We cannot allow Visa, MasterCard and the world's biggest banks to spend millions of lobbying dollars to weaken reform and protect their multi-billion-dollar cash cow that delivers no commensurate benefits to retailers or consumers.

Today's rally came just a week after lobbyists with the Credit Union National Association traveled to D.C. to urge the Fed to weaken reform and a week before the American Bankers Association is scheduled to deploy their high-paid lobbyists to encourage the same.

About Reform Swipe Fees NOW!: Reform Swipe Fees NOW! is a project by the Retail Industry Leaders Association (RILA). The project unites U.S. business owners, small and large, in a campaign for fair debit and credit card swipe fees.

SOURCE Reform Swipe Fees NOW!