RILA Comments on Senate Action to Reform Swipe Fee 

The Retail Industry Leaders Association (RILA) issued the following statement from RILA President Sandy Kennedy, in response to the Senate cloture vote on the Dodd Frank Financial Reform Bill. The underlying legislation contains meaningful swipe fee reforms that will bring relief to consumers and merchants who currently face excessive swipe fees imposed by credit card companies and big banks.

"For years retailers, small and large, have fought to bring attention to the excessive fees and anti-competitive practices of credit card companies and big banks. Despite their efforts, little changed and year after year America's retailers faced higher fees and card acceptance rules that became increasingly anti-competitive.

"The reforms contained within financial regulatory reform legislation focus narrowly on large Wall Street financial institutions at that heart of the problem. Swipe fee reforms will benefit retailers and their customers while excluding community banks and credit unions from the new rules.

"RILA applauds Sen. Durbin and his Senate colleagues for standing up against Wall Street special interests and moving swipe fee reform one step closer to reality."

The swipe fee reform language included in the Dodd Frank Financial Reform Conference Report was based on an amendment introduced by Senator Richard Durbin (D-IL) and passed by the Senate in a broad bipartisan vote on May 13.

RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.

###