NRF Lobbies the Senate to Address Swipe Fees in Financial Services Reform

Retailers are asking the Senate to address credit card swipe fees in financial services reform legislation expected to be on the floor this week. The National Retail Federation and the NRF’s Council of Chain Restaurants were among 55 associations that signed a letter to senators calling for “simple, common-sense reforms.” The groups asked that the FTC or another federal agency be given power to “examine and reform the restrictive rules and regulations associated with electronic transactions,” including giving merchants the right to set minimum and maximum credit card purchase amounts and to steer customers toward cheaper forms of payment such as cash, check or PIN debit rather than credit cards.