“Today the Federal Reserve took the first critical step in proposing to lower the base interchange rate on debit transactions from $0.21 to $0.144. Unsurprisingly, Wall Street banks are indicating they need more time to weigh in on the proposed rule. This is a thinly veiled attempt to continue gouging merchants with current rates, and it tracks their behavior over the past decade to circumvent key aspects of the law.
“Retailers don’t need an extension to comment on a common-sense rule and neither do the largest banks in the U.S. The data overwhelmingly proves that the current rate needs to be lowered to more accurately reflect the reasonable and proportional costs incurred by banks and card networks. RILA urges the Fed to stick with its original comment schedule so that the proposed rule can be finalized as soon as possible.”
RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.
RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.
Supporting Free Markets and Fostering Innovation