The current rules governing credit and debit card fees, and data security liability, favor big banks and credit card companies and harm retailers and the consumer. NATSO has been actively engaged in a variety of efforts to lower the fees associated with accepting card payments, as well as supporting forward-thinking, consumer-focused proposals to combat data theft.
Complying with the EMV shift—the move to align credit and debit cards in the United States with proprietary chip technology—is extremely complex and expensive for merchants, and does not do enough to protect retailers from fees and risks associated with fraud, said Mallory Duncan vice president and general counsel at the National Retail Federation.
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The House Financial Services Committee voted 46-9 Dec. 8 in favor of the Data Security Act of 2015 (H.R. 2205). NATSO strongly opposes the legislation, which imposes data security standards for retailers, because it would unnecessarily impose a variety of complicated and expensive obligations on the retail sector.
NATSO, joining a diverse coalition of retail groups, will be sending a letter to the House Financial Services Committee this week opposing the recently introduced Data Security Act of 2015 (H.R. 2205). That legislation, which is favored by the banking community, would unnecessarily impose a variety of complicated and expensive obligations on the retail sector.
NATSO served as one of several plaintiffs in a class-action lawsuit against VISA and MasterCard (In re Payment Card Interchange Fee & Merchant Discount Antitrust Litigation). This lawsuit was brought on behalf of merchants who accepted those companies' payment cards in the United States since January 1, 2004. Over NATSO's objection, the district court approved a settlement of that class action for a cash payment and an injunction requiring VISA and MasterCard to change some of their rules for accepting their payment cards.
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