Swipe Fee Reform

RILA Leads Charge to Tell Congress to Uphold Debit Swipe Fee Reform   

Thanks to well-established swipe-fee reforms passed by Congress in 2010, consumers have saved billions, and marketplace competition has strengthened. Today, the biggest banks and their allies with the most access are gearing up to repeal these sensible safeguards. This will squeeze the already small profit margins of our nation's retailers, costing jobs and hurting our communities.   

Upholding debit swipe fee reform is one of the most pressing matters for America's retail industry. Debit swipe fees are merchants' 2nd-highest operational cost, after labor. Before Congress passed swipe fee reform, big banks and card companies had free rein to set debit swipe fees as they saw fit. This cost Main Street billions. 

Repealing debit swipe fee reform will hurt the retail industry and consumers by strengthening Visa and MasterCard's duopoly and allowing them to extract more money than ever before.  

Affecting our supermarkets, drugstores, discount retailers, convenience stores, and gas stations, which all operate on extremely low margins and are where debit cards are most commonly used.   

Now is not the time to hurt America's retailers and consumers with another bailout of the biggest banks. With swipe fee reform, consumers save billions, and marketplace competition is strengthened. 

Infographics 

• Voters on Swipe Fee Reform 
• Big Banks + Big Credit = Big Losses 
• Wall Street Gangs Up on Main Street 
• RILA Redline of ABA Letter to the Hill