Last updated on September 9th, 2016 at 08:37 am
More than 400 merchants from across the country sent a letter to members of Congress on Tuesday urging them to protect debit card swipe fee reform, also known as the Durbin Amendment, that was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Nearly half of the signatories were independent grocers who joined this effort to voice concern over the potential negative impacts that a repeal of the Durbin Amendment would have on their businesses.
The letter, addressed to Chairman of the House Financial Services Committee Jeb Hensarling and Congressman Randy Neugebauer, calls for Congress to maintain the reforms passed as part of the Durbin Amendment and preserve increased competition in the debit market.
Greg Ferrara, SVP of government relations and public affairs of the National Grocers Association (NGA), said, “As a founding member of the Merchants Payments Coalition, we are grateful for the number of NGA member companies that took action on this issue. The independent supermarket industry plays a vital role in America’s economy and when nearly 170 Main Street grocers stand with other retail organizations and companies to tell members of Congress about the direct benefits the Durbin Amendment has had on their businesses and the communities they serve, Congress listens.”
The Durbin Amendment has brought increased competition in the debit routing market and helped cut down the price-fixed fees that the largest U.S. banks charge merchants for purchases made on debit cards.