For those of you that are retailers and/or have retail tenants we want to make sure you know about some moves afoot in D.C. that could have a huge negative impact under the guise of interchange fees “reform.” Several years ago our industry successfully advocated for a new federal law to limit escalating interchange fees and drive competition into the payment marketplace. These changes have resulted in significant savings for retailers and make card networks compete for business.  Now, some in the House of Representatives are pushing for a repeal of that law.

Known as the Durbin amendment and adopted in 2011, it allows retailers to choose from competing networks to process customer debit transactions.  For the first time, the Durbin reforms introduced market pressure to help control the cost of processing these payments.

Some of the large banks don’t like the freedom retailers have to choose and are trying to undo the reforms.  Our retail members are asking for help to remind Congress how important interchange fee reform is to the industry.  If this is an issue that impacts you, please ask your Representative to vote against repeal of the Durbin amendment.

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