{"id":350592,"date":"2011-03-30T18:39:09","date_gmt":"2011-03-30T18:39:09","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/30\/delaying-debit-card-fee-cap-gains-momentum\/"},"modified":"2011-03-30T18:39:09","modified_gmt":"2011-03-30T18:39:09","slug":"delaying-debit-card-fee-cap-gains-momentum","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/30\/delaying-debit-card-fee-cap-gains-momentum\/","title":{"rendered":"Delaying debit card fee cap gains momentum"},"content":{"rendered":"<p><div readability=\"108.35625859697\"><span id=\"fb-recommend\"\/><br \/>\n<span>By Jennifer Liberto, senior writer<\/span><span>March 30, 2011: 2:30 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><\/p>\n<p>WASHINGTON (CNNMoney) &#8212; A legislative effort to delay and study a new law capping the swipe fees that retailers pay is picking up steam in Congress.<\/p>\n<p>Late Tuesday, Sen. Jon Tester filed an amendment to a small business bill to pause a new law that helps retailers, small and large, by capping fees paid to the largest banks and credit card companies to process debit cards.<\/p>\n<p>The Federal Reserve is talking about capping so-called &#8220;interchange&#8221; or &#8220;swipe&#8221; fees at <a href=\"http:\/\/money.cnn.com\/2011\/03\/11\/pf\/debit_interchange_fees\/index.htm\">12 cents per transaction<\/a>, down from an average of 44 cents now. Such a move could cost the banking industry more than $13 billion, according to CardHub.com.<\/p>\n<p>Tester, a Montana Democrat, is seeking a one-year reprieve from new swipe fee caps, as well as a study. He has picked up two Democratic co-sponsors who last year voted the other way, supporting the crackdown on swipe fees: Sen. Ben Nelson of Nebraska and Sen. Bill Nelson of Florida.<\/p>\n<p>Tester will need 60 votes in the Senate to pass the delay, and he hasn&#8217;t secured that yet, as several key lawmakers are refusing to commit to either side, several congressional aides and lobbyists tell CNNMoney.<\/p>\n<p>However, a recent move by the Federal Reserve could add fuel to those seeking a delay. Chairman Ben Bernanke wrote Congress on Tuesday saying that the Fed had been inundated with correspondence about implementing new caps and won&#8217;t be able to release proposed new rules by its April 21 deadline. <\/p>\n<p>Bernanke did say the Fed can enact the new rules by a July 21 deadline.<\/p>\n<p>&#8220;The issues raised by the comments are complex and difficult, and are significant to the payment system, its providers and its users,&#8221; Bernanke wrote in a letter that&#8217;s already being cited by those seeking to delay the swipe fee caps.<\/p>\n<p>If successful, the delay effort would be a big defeat for the No. 2 Democrat in the Senate, Richard Durbin of Illinois, who has been fighting to cap these swipe fees for years. Durbin opposes the proposed delay and the study.<\/p>\n<p>&#8220;Chairman Bernanke reiterated to me today that the Federal Reserve is working diligently to finalize its rules in a timely fashion,&#8221; Durbin said in a statement released Tuesday. &#8220;On that day, small businesses will finally see relief from years of high fees that are unilaterally set by Visa and MasterCard on behalf of the nation&#8217;s biggest banks, and consumers will begin to benefit from increased competition, discounts and lower prices.&#8221; <\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2011\/03\/25\/pf\/debit_rewards\/index.htm\">Big banks<\/a> are gaining ground by <a href=\"http:\/\/money.cnn.com\/2011\/03\/15\/news\/economy\/debit_card_fees_lobbying\/index.htm\">teaming up<\/a> with smaller banks and credit unions, even though the smaller players are specifically exempt under the bill, to fight the measure.<\/p>\n<p>The smaller banks and credit unions have played a pivotal role <a href=\"http:\/\/money.cnn.com\/2009\/10\/23\/news\/economy\/Main_Street_banks\/index.htm\">in stopping previous efforts to curb swipe fees<\/a>. They say that competitive market forces will require them to lower their own debit card swipe fees and they can&#8217;t afford that.<\/p>\n<p>Also, they say that regulators can&#8217;t stop retailers from turning away cards from smaller banks and credit unions who are allowed to charge higher swipe fees, a possibility Bernanke acknowledged in congressional testimony last month.<\/p>\n<p>On the other side are small businesses and retailers who say the debit card swipe fees are crippling their ability to grow their companies and create jobs.<\/p>\n<p>&#8220;I hope our senators see this amendment for what it is: A move to kill reform. . .essentially a small business killer,&#8221; said Dennis Lane, 7-Eleven franchise owner and spokesman for the retailer group fighting the delay.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/03\/30\/news\/economy\/debit_card_fees\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/0e63013ebug.gif\" \/><\/p>\n<p>View original post here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/59hlMow7BD0\/index.htm\" title=\"Delaying debit card fee cap gains momentum\" rel=\"noopener noreferrer\">Delaying debit card fee cap gains momentum<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Jennifer Liberto, senior writer March 30, 2011: 2:30 PM ET WASHINGTON (CNNMoney) &#8212; A legislative effort to delay and study a new law capping the swipe fees that retailers pay is picking up steam in Congress. Late Tuesday, Sen. Jon Tester filed an amendment to a small business bill to pause a new law that helps retailers, small and large, by capping fees paid to the largest banks and credit card companies to process debit cards<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-350592","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Delaying debit card fee cap gains momentum - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/30\/delaying-debit-card-fee-cap-gains-momentum\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Delaying debit card fee cap gains momentum - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Jennifer Liberto, senior writer March 30, 2011: 2:30 PM ET WASHINGTON (CNNMoney) -- A legislative effort to delay and study a new law capping the swipe fees that retailers pay is picking up steam in Congress. Late Tuesday, Sen. 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Late Tuesday, Sen. 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