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Swipe Fees

NRF Says PIN Essential on New Credit and Debit Cards
Release Date: March 07, 2014

The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan in response to today’s announcement by Visa and MasterCard of the formation of a new cross-industry group focused on enhancing payment system security:

Retailers Commit to Collaborative Approach to Reduce Fraud
Release Date: February 03, 2014

The National Retail Federation today urged Congress to take a comprehensive approach as it contemplates a national response to criminal cyberattacks in which millions of consumers’ credit and debit card numbers were stolen. NRF said retailers are willing to do their part to improve security, but that banks and card companies must also take major steps to shore up the current fraud-prone payments system.

Retailers Respond to the American Bankers Association
Release Date: January 03, 2014

The National Retail Federation today issued the following statement from Senior Vice President for Communications and Public Affairs Bill Thorne in response to the attack from the American Bankers Association:

Retailers Appeal Flawed Credit Card Swipe Fee Settlement
Release Date: January 02, 2014

The National Retail Federation today formally filed an appeal of a controversial antitrust lawsuit settlement covering credit card swipe fees, asking the 2nd U.S. Circuit Court of Appeals to overturn a lower court’s ruling. NRF Senior Vice President and General Counsel Mallory Duncan issued the following statement after the notice to appeal was filed with the court:

Study Says Retailers Have Shared Debit Swipe Fee Savings
Release Date: October 01, 2013

The National Retail Federation welcomed a new study released today that shows retailers have passed along the majority of the savings from debit card swipe fee reform to their customers, and that the resulting increase in consumer spending has boosted job creation across the country. But the study also shows that benefits for consumers and the economy could have been much larger if the Federal Reserve had set its cap on debit swipe fees lower as directed by Congress.

NRF Asks Judge to ‘Right or Reject’ Flawed Swipe Fee Settlement
Release Date: September 12, 2013

The National Retail Federation today asked a federal judge to "right or reject" a proposed settlement of an antitrust lawsuit over credit card swipe fees, saying the measure needs to be rewritten to do more to bring the soaring fees under control and that retailers who don’t support it should be allowed to completely opt out.

NRF Applauds Decision on Swipe Fees
Release Date: July 31, 2013

The National Retail Federation today issued the following statement from Senior Vice President and General Counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision that found that the Federal Reserve misapplied Congress’ intent when it implemented required swipe fees reforms:

NRF Asks Judge to Reject Swipe Fee Settlement, Calls Agreement ‘Surrender’ that Fails to Address ‘Evil’ of Price Fixing
Release Date: May 28, 2013

The National Retail Federation and a broad cross-section of retailers today asked a federal judge to reject a proposed settlement of an antitrust lawsuit over credit card swipe fees that drive up prices for consumers by $30 billion a year, calling the proposal a “surrender” that does nothing to address the “evil” of price fixing by Visa, MasterCard and their banks.

NRF to Reject ‘One-Sided’ Credit Card Swipe Fee Settlement
Release Date: May 21, 2013

NRF announced today that it will formally oppose a proposed settlement of a federal antitrust lawsuit over credit card swipe fees charged by Visa and MasterCard, and urged retailers to carefully consider their own decisions before next week’s deadline set by the court.

NRF Says Swipe Fee Settlement Still Unacceptable to Retailers
Release Date: October 19, 2012

The National Retail Federation said a revised antitrust settlement filed in federal court today scarcely begins to address retailers’ concerns about credit card swipe fees charged by Visa and MasterCard that cost consumers close to $30 billion a year.

NRF Says Swipe Reform Saving Up to $18 Million/Day
Release Date: September 25, 2012

With the first anniversary of debit card swipe fee reform approaching next week, U.S. retailers and their customers are benefiting from savings of up to $18 million a day that previously went to card companies and the nation’s largest banks, the National Retail Federation estimates.

NRF Authorized to Go to Court to Block Swipe Fee Lawsuit Settlement
Release Date: September 10, 2012

The National Retail Federation today announced that its Board of Directors has authorized the Federation to go to court to block the proposed $7.25 billion settlement of a federal antitrust lawsuit over skyrocketing Visa and MasterCard credit card swipe fees that cost consumers hundreds of dollars a year.

NRF Expresses Deep Disappointment in Federal Reserve for Watering Down Swipe Fee Reform
Release Date: June 29, 2011

The National Retail Federation today expressed serious disappointment in the final debit card swipe fee regulations set today by the Federal Reserve, calling it a major loss for American consumers. Under the new rule, the current debit card swipe fee rate of 1-2 percent of each transaction – about 44 cents on the average retail purchase but several dollars on bigger-ticket items – will be replaced with a flat fee of not more than 21 cents per transaction for the nation’s largest banks. That is significantly higher than the flat fee of up to 12 cents the Fed originally proposed in December 2010.

National Retail Federation Calls Swipe Fee Vote Victory For American Consumers
Release Date: June 08, 2011

NRF President and CEO Matthew Shay issues a statement upon Senate passage of the Tester-Corker amendment to delay swipe fee reform: “This is a landmark victory for American consumers that will give them the break from skyrocketing swipe fees that they have been seeking for years..."

NRF Letter to Senate Calls Tester’s Swipe Fee Reform ‘Compromise’ a ‘Sham’
Release Date: June 07, 2011

NRF today asked senators to reject a “compromise” amendment offered by Senator Jon Tester that would delay a new federal law intended to save retailers and consumers more than $1 billion a month by lowering “swipe” fees banks charge to process debit card transactions.

NRF Says Bernanke Remarks Show No Need to Delay Swipe Fee Reform
Release Date: May 12, 2011

NRF welcomed Federal Reserve Chairman Ben Bernanke’s remarks before the Senate Banking Committee today on regulations aimed at lowering the “swipe” fees banks charge retailers and consumers to process debit card transactions by more than $1 billion a month.

NRF Welcomes Consumer Groups’ Support for Swipe Fee Reform
Release Date: March 31, 2011

NRF welcomed a letter from a coalition of consumer groups opposed to legislation that would delay swipe fee reform scheduled to go into effect this summer.

NRF Welcomes Bernanke Promise to Complete Swipe Fee Reform Regulations by Summer
Release Date: March 29, 2011

NRF welcomed today’s commitment by Federal Reserve Chairman Ben Bernanke that the agency will complete final swipe fee reform regulations in time for retailers to begin offering customers discounts and other benefits this summer as scheduled.

NRF Says Legislation to Delay Swipe Fee Reform Would Deprive Consumers of Debit Card Discounts
Release Date: March 15, 2011

NRF said legislation introduced today to delay swipe fee reform scheduled to go into effect this summer would block retailers from giving discounts to consumers who use debit cards and would cost merchants and the public more than $1 billion per month.

NCCR Expresses Disappointment with Legislation to Devastate Debit Card Swipe Fee Reform
Release Date: March 15, 2011

NCCR today expressed deep disappointment regarding the introduction of legislation in Congress to halt pro-consumer debit card swipe fee reform.



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