Tag Archives: debit card

With the big banks fighting hard to delay or repeal debit card swipe fee reform and legislation to do so introduced this week, there’s a lot of misinformation being spread around Washington lately. It’s time to set things straight. Community Banks The banking industry’s wildest false claim is that mid-sized and small banks will somehow […]

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NRF and the American Bankers Association met face-to-face on the PBS NewsHour program this week to debate debit card swipe fee reform that banks are trying to delay. NRF General Counsel Mallory Duncan and ABA Vice President Nessa Feddis were interviewed live Tuesday night by correspondent Judy Woodruff. “It’s a wonderful system,” Feddis said, referring […]

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Retailers who read Visa Chairman and Chief Executive Joseph Saunders’ op-ed against the Durbin Amendment in the American Banker this week might have noticed that Saunders called the new law’s debit card swipe fee reforms “price fixing” and said “price fixing is bad public policy.” That’s an interesting choice of words for an executive whose […]

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Retailers’ battle with the credit card industry over constantly rising “interchange” fees charged to merchants every time a card is swiped to pay for a transaction is getting attention on multiple fronts this week. Interchange was the subject of a major op-ed article by American Antitrust Institute President Albert A. Foer published in the New […]

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NRF Senior Vice President and General Counsel Mallory Duncan tells CNBC that this week’s $1.1 billion final payout from retailers’ lawsuit over Visa and MasterCard debit card practices “could not have come at a better time than Christmas” for merchants strained by the current economy. Read more about the lawsuit settlement.

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More than half a million retailers should begin receiving checks totaling over $1 billion this week as the result of a federal judge’s approval of an early payout of funds remaining from the 2003 settlement of a lawsuit brought by NRF and others against Visa and MasterCard’s debit card practices. The funds will give many […]

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