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.
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