RILA Applauds Approval of Swipe Fee Reform Compromise

Retailers and customers secure important victory in financial reform debate

ARLINGTON, Va., June 25 /PRNewswire-USNewswire/ -- The Retail Industry Leaders Association (RILA) applauded the inclusion of language to reform the swipe fees charged to merchants by credit card companies and big banks, as part of the Wall Street regulatory reform legislation approved by a conference committee today.  The negotiated language will give merchants relief from the excessive swipe fees charged by the big banks and credit card companies, giving the Federal Reserve the power to ensure these fees are reasonable and proportional to the cost of the transaction.  

"The swipe fee reform compromise is a major step in the right direction for those who accept credit and debit cards.  Consumers and retailers, small and large, will finally see some relief after years of skyrocketing fee increases imposed by big banks and credit card companies," said RILA President Sandy Kennedy.  

The Senate passed an amendment offered by Senator Richard Durbin (D-IL) to the Senate version of the bill last month with a broad bipartisan majority.  

"Senator Durbin and the members of the conference committee deserve tremendous credit for standing up against deep-pocketed financial industry interests who fought desperately to protect the status quo.  The approved language includes concessions from both sides but preserves the core elements of the Durbin amendment that address the excessive fees and anti-competitive practices of the big banks and card companies," added Kennedy.

RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.

SOURCE Retail Industry Leaders Association

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VISA’s Lobbying Effort to Stop Financial Reform Hits a New Low

VISA using children, firefighters and seniors to justify fleecing small employers and consumers

WASHINGTON , May 21 /PRNewswire-USNewswire/ -- Dennis Lane, single store 7-Eleven Franchise owner and national spokesman for the campaign to Reform Swipe Fees NOW!, released the following statement regarding VISA's response to the U.S. Senate's passage of sweeping financial regulatory reform.

"The credit card industry has officially hit a new low in their campaign to block financial reform.  To justify fleecing small business owners like me, they are now hiding behind seniors, veterans, firefighters and even children to justify their business practices.  Their unprecedented multi-million dollar lobbying having failed, they have now resorted to using human shields in a last-ditch effort to scuttle reform that will benefit millions of small businesses and their customers."      

From VISA's statement upon passage of the Senate financial reform bill (S. 3217)

• "Those who rely on prepaid cards for government disbursement, such as child support, could be particularly hard hit."


• "…could especially harm community banks and credit unions that depend on interchange to offer competitive banking services to firefighters, police officers, teachers, veterans, congressional staffers and other customers.


• "This could be especially devastating for those on a fixed income who rely on prepaid cards for government disbursements such as social security."

"Each of these suggestions is ridiculous, and VISA knows it. Rather than hurt workers and families, swipe fee reform will help small businesses grow, improve wages and benefits, and lower prices for consumers.  But with its lobbying efforts failed, it's become increasingly clear that the card industry is willing to say just about anything to protect the billions they are making exploiting small business.

"We need Congress to finish what it has started. For reform to be complete, it must include interchange reform.  For our economy to grow again, we cannot allow VISA and the nation's largest financial institutions to continue siphoning away billions each year from hardworking small business owners."

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 credit card swipe fees.

SOURCE Reform Swipe Fees NOW

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• Visa Inc. Statement: Senate Passage of S. 3217 (pindebit.blogspot.com)


• Visa Cuts Swipe Fees In Europe, Raises Them In America (pindebit.blogspot.com)


• Visa, MasterCard Shares Tumble as Senate Votes to Impose Curbs on Interchange (pindebit.blogspot.com)

VISA’s Lobbying Effort to Stop Financial Reform Hits a New Low

VISA using children, firefighters and seniors to justify fleecing small employers and consumers

WASHINGTON , May 21 /PRNewswire-USNewswire/ -- Dennis Lane, single store 7-Eleven Franchise owner and national spokesman for the campaign to Reform Swipe Fees NOW!, released the following statement regarding VISA's response to the U.S. Senate's passage of sweeping financial regulatory reform.

"The credit card industry has officially hit a new low in their campaign to block financial reform.  To justify fleecing small business owners like me, they are now hiding behind seniors, veterans, firefighters and even children to justify their business practices.  Their unprecedented multi-million dollar lobbying having failed, they have now resorted to using human shields in a last-ditch effort to scuttle reform that will benefit millions of small businesses and their customers."      

From VISA's statement upon passage of the Senate financial reform bill (S. 3217)

• "Those who rely on prepaid cards for government disbursement, such as child support, could be particularly hard hit."


• "…could especially harm community banks and credit unions that depend on interchange to offer competitive banking services to firefighters, police officers, teachers, veterans, congressional staffers and other customers.


• "This could be especially devastating for those on a fixed income who rely on prepaid cards for government disbursements such as social security."

"Each of these suggestions is ridiculous, and VISA knows it. Rather than hurt workers and families, swipe fee reform will help small businesses grow, improve wages and benefits, and lower prices for consumers.  But with its lobbying efforts failed, it's become increasingly clear that the card industry is willing to say just about anything to protect the billions they are making exploiting small business.

"We need Congress to finish what it has started. For reform to be complete, it must include interchange reform.  For our economy to grow again, we cannot allow VISA and the nation's largest financial institutions to continue siphoning away billions each year from hardworking small business owners."

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 credit card swipe fees.

SOURCE Reform Swipe Fees NOW

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• Visa Inc. Statement: Senate Passage of S. 3217 (pindebit.blogspot.com)


• Visa Cuts Swipe Fees In Europe, Raises Them In America (pindebit.blogspot.com)


• Visa, MasterCard Shares Tumble as Senate Votes to Impose Curbs on Interchange (pindebit.blogspot.com)

Visa Cuts Swipe Fees In Europe, Raises Them In America

Laura Basset writes for the Huffington Post that while Visa raised it's debit rates (notably the 30% PIN Debit rate increase) here in the good ole' USA, they cut debit fees in Europe.  I found it interesting that Visa is shying away from stating that Europe should have lower debit rates because they use "Chip and PIN" which reduces fraud.  After all, fraud is the basis for...well, "basis points.."  Guess that would put them in a position whereby they couldn't defend the security of America's magstripe system...



Instead, according to the Huffington Post, here's the official statement from a "Visa spokesperson" Editor's Note:  I took the liberty to identify the BSMS* (Both Sides of the Mouth Syndrome) and I highlighted in yellow what the spokesperson's conscience couldn't prevent them from saying... 



A spokesperson for Visa, Inc. said the average Visa Debit transaction fee rose by less than 4 percent.  "Most of Visa's U.S. debit rates have not changed*," she said. "Visa, Inc., did recently make a variety of program and interchange modifications to make digital currency even more convenient for consumers and merchants and to facilitate continued growth for Visa and its clients."

Despite a recent study that found swipe fees are stalling the creation of nearly a quarter million U.S. jobs, Visa raised its debit card interchange rate for American retailers to .95 percent plus $.20 per transaction in April, according to the Retail Industry Leaders Association. In contrast, Visa Europe announced Monday that it would be capping transaction fees at 0.2 percent for the next four years.

Continue Reading at the Huffington Post 

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• Visa Reigns with Silent Tax - Video from NY Times (pindebit.blogspot.com)


• Visa Europe Says UK Debit Card Use to Exceed Cash for First Time (pindebit.blogspot.com)

Visa Cuts Swipe Fees In Europe, Raises Them In America

Laura Basset writes for the Huffington Post that while Visa raised it's debit rates (notably the 30% PIN Debit rate increase) here in the good ole' USA, they cut debit fees in Europe.  I found it interesting that Visa is shying away from stating that Europe should have lower debit rates because they use "Chip and PIN" which reduces fraud.  After all, fraud is the basis for...well, "basis points.."  Guess that would put them in a position whereby they couldn't defend the security of America's magstripe system...



Instead, according to the Huffington Post, here's the official statement from a "Visa spokesperson" Editor's Note:  I took the liberty to identify the BSMS* (Both Sides of the Mouth Syndrome) and I highlighted in yellow what the spokesperson's conscience couldn't prevent them from saying... 



A spokesperson for Visa, Inc. said the average Visa Debit transaction fee rose by less than 4 percent.  "Most of Visa's U.S. debit rates have not changed*," she said. "Visa, Inc., did recently make a variety of program and interchange modifications to make digital currency even more convenient for consumers and merchants and to facilitate continued growth for Visa and its clients."

Despite a recent study that found swipe fees are stalling the creation of nearly a quarter million U.S. jobs, Visa raised its debit card interchange rate for American retailers to .95 percent plus $.20 per transaction in April, according to the Retail Industry Leaders Association. In contrast, Visa Europe announced Monday that it would be capping transaction fees at 0.2 percent for the next four years.

Continue Reading at the Huffington Post 

Related articles by Zemanta

• Visa Reigns with Silent Tax - Video from NY Times (pindebit.blogspot.com)


• Visa Europe Says UK Debit Card Use to Exceed Cash for First Time (pindebit.blogspot.com)