Credit/Debit Fees Articles

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House Committee to Consider Legislation Repealing Debit Fee Reform

May 2, 2017

House Committee to Consider Legislation Repealing Debit Fee Reform

The House Financial Services Committee is scheduled to meet today May 2 to consider legislation that would roll back many of the reforms contained in the Dodd Frank Wall Street Reform Act, including the so-called Durbin Amendment, which implemented much-needed debit reforms. The legislation is likely to be approved by the Committee, setting up the potential for the full House of Representatives to consider the legislation in the coming weeks.

Court Upholds Interchange Fees; Disappoints Retailers

March 21, 2014

Court Upholds Interchange Fees; Disappoints Retailers

A U.S. Appeals Court on March 21 upheld the Federal Reserve's rules governing debit card interchange fees, dealing a major blow to retailers who have fought to reduce the transaction fees they are charged when customers swipe a debit card. The ruling reverses a lower court’s decision last year that the Federal Reserve had set the cap on debit card transactions too high.

Fuel Up on NATSO Benefits: Discounted Payment Card Merchant Processing

March 1, 2014

Fuel Up on NATSO Benefits: Discounted Payment Card Merchant Processing

Did you know NATSO has partnered with First Data Merchant Services to offer NATSO members a cost effective, competitive solution for processing credit card transactions?

Federal Reserve Appeals Debit Fee Ruling

August 22, 2013

Federal Reserve Appeals Debit Fee Ruling

The Federal Reserve announced late Aug. 21 that it will appeal the recent ruling by the U.S. District Court in Washington that it set the cap on debit card transactions too high.

Could Retailers Get Repaid for Debit Fee Overcharges?

August 16, 2013

Could Retailers Get Repaid for Debit Fee Overcharges?

The judge who rejected the Federal Reserve’s regulations governing debit fees under the Dodd-Frank Wall Street Reform and Consumer Protection Act gave the Federal Reserve just one more week to come up with a position on interim fee reductions and a timeline for permanently installing new lower fees. He also suggested that retailers should be repaid by financial services companies for millions of dollars in overcharges.

Judge Agrees With Retailers; Rejects Debit Card Swipe Fee Rule

July 31, 2013

Judge Agrees With Retailers; Rejects Debit Card Swipe Fee Rule

A Judge for the U.S. District Court in Washington this morning rejected the Federal Reserve’s regulations governing swipe fees under the Dodd-Frank Wall Street Reform and Consumer Protection Act, ruling that the agency set the cap too high on debit-card transactions.

Durbin, Welch Ask Federal Reserve to Revisit Debit Fee Levels

July 29, 2013

Durbin, Welch Ask Federal Reserve to Revisit Debit Fee Levels

Senator Dick Durbin (D-Ill.) and Rep. Peter Welch (D-Vt.) have asked the Federal Reserve Board to revisit the fee levels set in the debit fee rules standard established after passage of the Dodd-Frank Wall Street Reform legislation.

You Have Questions. We Have Answers.

April 19, 2013

You Have Questions. We Have Answers.

One of NATSO’s primary roles is to deliver solutions to members’ challenges. Each day members tap into the expertise of NATSO’s staff for answers to some of their most pressing questions. Stop Watch compiled some recent member inquiries and sat down with Darren Schulte, NATSO’s vice president of membership, for detailed answers.

Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards

March 11, 2013

Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards

In issuing its bi-annual report on swipe fees as required by law, the Federal Reserve last week said it would keep the existing interchange fee standards and fraud prevention adjustments the same. The per-transaction cap remains at 21 cents and also allows for an additional charge of 0.01 cent to cover fraud as well as .05 percent of the sales amount.

Credit Card Settlement Appeal Delayed Until Fall

February 11, 2013

Credit Card Settlement Appeal Delayed Until Fall

The U.S. Court of Appeals has ruled that an appeal of the proposed swipe fee settlement should wait until after objections to the settlement are filed and heard next fall. That means that settlement notices to retailers across the country can continue to be distributed, and that retailers will have the opportunity to opt out of the monetary portion of the case and/or object to the proposed settlement. Notices will be sent to retailers who accepted Visa and/or MasterCard at any time between Jan. 1, 2004 and Nov. 27, 2012. Even if retailers submitted a declaration objecting to the proposed settlement last fall, they must respond to the notice and submit something in writing again if they want to opt-out of or object to the proposed settlement.

Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement

December 17, 2012

Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement

A federal appeals court panel has denied an appeal aimed at reversing preliminary approval of the $7.25 billion settlement of the antitrust case against Visa and Mastercard.

NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement

November 19, 2012

NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement

To force merchants into an 'agreement' with Visa and MasterCard that leaves them worse off than without it -- that just goes against all notions of fairness.

Swipe Fee Settlement is Granted Preliminary Approval

November 12, 2012

Swipe Fee Settlement is Granted Preliminary Approval

Despite unprecedented opposition from merchants, on Friday a federal judge gave preliminary approval of a $7.2 billion settlement of litigation against Visa, MasterCard and several large banks.

Top Retailers Rolling Out Mobile Payments, ACH Cards

October 15, 2012

Top Retailers Rolling Out Mobile Payments, ACH Cards

Two of the nation's largest retailers last week announced new payment technology options.

Majority of Named Plaintiffs Oppose Visa, MasterCard Settlement

October 15, 2012

Majority of Named Plaintiffs Oppose Visa, MasterCard Settlement

NATSO last week joined a majority of the named plaintiffs in announcing their opposition to the proposed antitrust settlement agreement with Visa, MasterCard and some of the largest banks that were filed on Oct. 12.

Durbin Says Interchange Reform Showing Results

October 1, 2012

Durbin Says Interchange Reform Showing Results

Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association's claims that swipe fee reform is a mistake.

GAO Confirms Debit Fee Reform Helped Small Banks

September 24, 2012

GAO Confirms Debit Fee Reform Helped Small Banks

GAO last week confirmed that the debit fee reform implemented Oct. 1, 2011, has helped community banks and credit unions.

NATSO Joins Retail Groups Asking Congress to Reject Claims by Visa, MasterCard

September 24, 2012

NATSO Joins Retail Groups Asking Congress to Reject Claims by Visa, MasterCard

NATSO joined a group of associations representing retailers to highlight the reasons behind the growing opposition to the proposed settlement of the long-standing antitrust lawsuit filed by merchants against Visa, MasterCard and the nation’s largest banks.

NATSO Rejects Proposed Settlement in Antitrust Litigation

September 10, 2012

NATSO Rejects Proposed Settlement in Antitrust Litigation

NATSO's executive committee determined that the settlement would not be in the best interest of merchants, including NATSO members.

Chevron Corp. Offers New Credit-Card Tool

April 2, 2012

Chevron Corp. Offers New Credit-Card Tool

Chevron Corp. offering its marketers a new credit-card tool.

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