NRF Launches Campaign to ‘Set the Record Straight’ on Durbin

May 19, 2011

The National Retail Federation today launched a nationwide 60-day campaign to fight assaults by the financial services industry on the recently passed Durbin Amendment that would regulate swipe fees on debit card transactions. The Washington, D.C.-based trade group said it will leverage lobbying, grassroots and media efforts to ensure that the new federal law that would save retailers more than $1 billion a month takes effect July 21 as scheduled. “Congress concluded last year that swipe fees have been driving up prices for consumers by far too much for far too long,” NRF President and CEO Matthew Shay said. “Now that Congress has done something about these fees, retailers are standing by to pass the savings along to their customers through lower prices and higher value. Our job over the next two months is to ensure that swipe fee reform takes effect as planned, and consumers get to enjoy all the new benefits.” Regulations proposed by the Federal Reserve to implement last year’s swipe fee law would lower debit card swipe fees from their current level of 1 to 2 percent of each transaction to a flat fee of no more than 12 cents per transaction for large banks that adhere to fee schedules set by the card companies. The NRF said the banking industry has spent millions on a “misinformation campaign” and its effort will “set the record straight.”