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GAO Confirms Debit Fee Reform Helped Small Banks
September 24, 2012
The Government Accountability Office last week confirmed that the debit fee reform implemented Oct. 1, 2011, has helped community banks and credit unions. In a newly released report titled "Community Banks and Credit Unions," GAO said banks with less than $10 billion in assets (approximately 99 percent of all banks in the U.S.) saw an increase in their swipe fee income since reform occurred. “This report should lay to rest once and for all the myth that debit swipe reform is harming the majority of American banks,” noted Doug Kantor, counsel to the Merchants Payments Coalition, of which NATSO is a member.
This article originally ran in NATSO News Weekly (NNW), NATSO's member only weekly electronic newsletter. NNW is packed with the latest updates on government and business issues affecting the truckstop and travel plaza industry.
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- NATSO News Weekly (NNW)
More on Credit/Debit Fees
- Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards
- Credit Card Settlement - Important Considerations for NATSO Members
- Credit Card Settlement Appeal Delayed Until Fall
- Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement
- NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement
- Swipe Fee Settlement is Granted Preliminary Approval