There is a coordinated effort underway to repeal debit card swipe fee reform known as the Durbin Amendment. This is a serious concern for the travel plaza and truckstop industry, which has benefited from the certainty, transparency, and competition that the Durbin Amendment provided into the debit card payment system market. If these efforts are successful, debit card swipe fees would likely skyrocket again.
On June 14, retiring Congressman Randy Neugebauer (R-Texas) introduced a bill that would repeal the Durbin Amendment (H.R. 5465). This bill follows a proposal recently introduced by House Financial Services Chairman Jeb Hensarling (R-Texas) that includes a provision that would repeal the Durbin Amendment in his “Financial CHOICE Act.” It's not surprising that their combined efforts are endorsed by the banks, credit unions, and credit card companies.
Sen. Durbin sharply criticized the Neugebauer bill, noting that repeal would not only be a “windfall for Visa, Mastercard and the nation’s biggest banks” but would also “diminish transparency and competition in the debit card system and harm millions of Main Street merchants and their customers.”
Sen. Durbin also added, “While the big banks and card networks may want to reopen a battle they lost six years ago, Congress’s time would be better spent investigating and reining in the new anti-competitive fees that keep popping up in the credit and debit card industries.” He concluded by calling for “continued vigilance” by Congress and regulators to ensure that credit and debit card systems operate fairly for all Americans.”
NATSO needs your help! Last week, NATSO’s Government Affairs Team sent out an Action Alert to members asking that they contact their Member of Congress and voice opposition to the Hensarling and Neugebauer efforts aimed at repealing debit card swipe fee reform. It’s not too late to add your name to the list of those who have responded!
Please take the time to forward the pre-written letter to your Member of Congress today and ask them to oppose these efforts. To contact your Member of Congress, click here.
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