Two measures are under consideration in the U.S. House of Representatives that would repeal important debit card swipe fees reforms. The bills, H.R. 5465, introduced by Rep. Randy Neugebauer, and the draft “Financial CHOICE Act” circulated by Rep. Jeb Hensarling, would remove the swipe fee reforms introduced in Dodd Frank financial reform package, which put the responsibility for swipe fees under the purview of the Federal Reserve Board rather than card companies. The removal of these reforms would result in a dramatic increase in retailer swipe fees by credit companies and large banks.
PFMA members are encouraged to contact their representative in the U.S. House and ask them to oppose these measures. For talking points or a template letter, please contact Steve Neidlinger or Alex Baloga.
PFMA members are encouraged to contact their representative in the U.S. House and ask them to oppose these measures. For talking points or a template letter, please contact Steve Neidlinger or Alex Baloga.
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