---

---

Released: May 19, 2011

Retailers fight back over debit swipe fees

Source: Ylan Mui, Washington Post (Free Registration)

The retail industry launched a new campaign Wednesday to protect a federal law that reduces the fees retailers must pay to banks every time a debit card is swiped, a move the industry hopes will blunt the massive lobbying attack from banks. The campaign calls for hundreds of merchants to flood Capitol Hill in June for meetings with key lawmakers, the third “fly-in” to be held this year on the issue. As part of the overhaul of the nation’s financial system last summer, Congress approved a measure that directed the Federal Reserve to revamp the way banks charge merchants for accepting debit cards. The Fed’s proposed regulations would lower the fees by as much as 70 percent, to 7 to 12 cents a swipe.

Read Full Article: Retailers fight back over debit swipe fees