Last night, Wednesday, June 30, the House voted on the financial bill package, passing it by a vote of 237-192, with the swipe fee amendment intact, NACS reported. The bill was not without changes though. Earlier this week the Conference committee working on the financial services overhaul met again to alter aspects of the bill…
Swipe Fee Reform Faces Crucial Vote
The National Association of Convenience Stores (NACS) is urging retailers to contact legislators one more time as the financial reform bill, which contains the swipe fee amendment, goes to a vote. Last week, House and Senate financial services reform negotiators agreed to finalize the financial bill with the swipe fee reforms included. Now, both the…
Financial Reform Faces Crucial Vote
As the House and Senate prepare to vote on the financial reform bill—containing the Durbin amendment on interchange fees—this week, NACS’ message to retailers is that the battle is far from won. Three hurdles remain: passing the House, passing the Senate and getting signed into law by President Obama. “Until all three happen, actually, until…
Swipe Fee Reform Advances
The U.S. House of Representatives and Senate negotiators have sided with retailers, reaching an agreement to include swipe fee reform provisions in the final financial services reform bill that is now on its way to Congress for a final vote. The provisions, known as the Durbin Amendment after the author, Senator Richard Durbin (D-IL), is…
Agreement Reached On Interchange
Assistant Senate Majority Leader Dick Durbin (D-IL) and key conferees have reached an agreement on the Wall Street reform bill, regarding his amendment regulating interchange fees, NACS reported. The agreement makes minor, clarifying changes to the language, which passed the Senate 64 to 33 on May 13, and responds to concerns raised by state governments…
Swipe Fee Debate Builds
In a letter dated June 16, Representative Debbie Wasserman Schultz (D-FL) and 130 other members of Congress outline their concerns with the Durbin Amendment that gives retailers and consumers relief from outrageous swipe fees, NACS reported. They cite the benefits that all users of electronic payments systems receive and the “lack of Congressional review” of…
Senate Passes Swipe Fee Reform
The U.S. Senate voted to include swipe fee reform in the Restoring American Financial Stability Act of 2010 through an amendment introduced by Sen. Richard Durbin. Specifically, the measure is expected to ensure that debit card transactions are reasonable and proportional to the cost of processing the transaction. “Tonight, the Senate stood up to the…
Associations Endorse Swipe Fee Amendment
In a letter addressed to all members of the U.S. Senate, 134 trade associations endorsed an amendment (S. Amdt. 3932) to the Restoring American Financial Stability Act of 2010 sponsored by Senate Majority Whip Richard Durbin (D-IL) that will address excessive debit card swipe fees and the anti-competitive practices of credit card companies and the…
New Interchange Amendment Needs Retailer Attention
More than 170 amendments have been filed to the financial regulatory reform bill now before the Senate, and to expedite the process, Majority Leader Harry Reid (D-NV) has asked senators to consolidate their amendments, NACS reported. On Monday night, Senate Majority Whip Richard Durbin (D-IL) filed a new amendment (#3932), merging the main provisions of…
ATM Fee Reform Proposed
On May 4, Senator Tom Harkin (D-IA) introduced an amendment that would help consumers avoid high fees at ATMs, as the Senate began debate on the financial reform bill. “In recent years, Congress has acted to protect consumers by setting appropriate limits on the types of fees that financial institutions can charge consumers. However, one…