After months of hard work in partnership with industry stakeholders and RILA member companies, House Republican leaders announced last week they have removed language that sought to repeal debit swipe fee reform, a.k.a. the Durbin Amendment, from the Financial CHOICE Act. This is major win in the retail industry's fight against the big banks and the Visa/MasterCard duopoly.
Debit swipe fee reform introduced competition into the debit marketplace, giving merchants a choice in which company they wanted to process debit transactions, and holding banks accountable for the fees they charge merchants at the checkout counter. Since the passage of these reforms in 2008, consumers have seen billions in savings; this is why RILA and the entire retail industry are committed to keeping debit swipe fee reform intact.
Since news emerged earlier this year that House Financial Services Chairman Jeb Hensarling (R-TX) planned on reintroducing repeal language as part of the CHOICE Act, RILA has led a robust campaign to uphold these reforms, which are vital to our industry. Over the past five months, RILA's Austen Jensen has guided our collective efforts to strip the repeal language from the bill. Over this time, RILA has met with over 120 Members of Congress to discuss the impact repeal would have on the industry at-large.
With the news that repeal language was removed from the Financial CHOICE Act, the industry is hopeful that efforts to undo these vital debit reforms have been put to rest. RILA now looks forward to supporting key provisions in the CHOICE Act as this legislation moves forward in the House in June.
For more information on RILA's efforts to protect swipe fee reform, visit here or contact Austen Jensen at Austen.firstname.lastname@example.org.