ABA Voices Opposition to Bill That Would Delay Debit Swipe Fee Reduction

In June 24, as a member of the Merchants Payments Coalition, the American Booksellers Association joined more than 200 state and national organizations representing consumers and merchants in calling on the Senate to reject S. 4570 — a bill that would delay the Federal Reserve’s proposal to reduce how much big banks are allowed to charge to process debit card transactions.

“Every day of further delay in the Fed’s consideration of its proposed rule means another day in which large card-issuing banks are deducting significantly more money out of debit transactions than is reasonable, proportional, or allowable under the law Congress passed,” the groups said. “That is why financial industry trade associations are seeking to delay the Fed as long as possible from taking action to update its 2011 regulation — delay preserves what for them is an enormously lucrative status quo.”