Today, the Retail Industry Leaders Association (RILA) responded to news that House Republicans leaders were removing the repeal of swipe fee reform (Durbin Amendment) from the Financial CHOICE Act before it is voted on by the full House. Retailers opposed efforts to repeal the bipartisan provision passed in 2010 as part of Dodd-Frank that stopped large banks and card networks from charging merchants exorbitant fees on debit card transactions.
"Preservation of swipe fee reform is an important victory for retailers and consumers who would have faced higher fees from the country's largest banks with every swipe of a debit card," said Austen Jensen, Vice President of Government Affairs and Financial Services for RILA.
"This victory should finally put to rest efforts to repeal the debit reforms that have saved retailers and their customers billions in hidden fees. With this matter settled, RILA looks forward to supporting key provisions in the CHOICE Act as this legislation moves forward in the House."
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.