Arlington, Va. The Retail Industry Leaders Association (RILA) applauded the inclusion of language to reform the swipe fees charged to merchants by credit-card companies and big banks, as part of the Wall Street regulatory reform legislation approved by a conference committee on Friday.
The negotiated language will give merchants relief from the excessive swipe fees charged by the big banks and credit-card companies, giving the Federal Reserve the power to ensure these fees are reasonable and proportional to the cost of the transaction.
"The swipe-fee reform compromise is a major step in the right direction for those who accept credit and debit cards. Consumers and retailers, small and large, will finally see some relief after years of skyrocketing fee increases imposed by big banks and credit card companies," said RILA president Sandy Kennedy.
The Senate passed an amendment offered by Senator Richard Durbin to the Senate version of the bill last month with a broad bipartisan majority.