Industry News | July 29, 2013

NRA Supports Federal Reserve Review of Debit Fee Rules

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The National Restaurant Association released the following statement in response to a letter by Senator Dick Durbin (D-IL) and Representative Peter Welch (D-VT) encouraging the Federal Reserve Board to review their own debit fee rules in light of a recent proposal from the European Union Commission.

 

“We are grateful for the continued leadership of Senator Durbin and Representative Welch on swipe fees and other payments issues of critical importance to the restaurant and foodservice industry,” says Scott DeFife, EVP, policy and government affairs, NRA. “The restaurant industry strongly encourages the Federal Reserve Board, as recommended by Senator Durbin and Representative Welch, to revisit appropriate debit card fee levels. Reconsideration of the Board's standards would be incredibly meaningful to all restaurants, but particularly those who have a high number of small-dollar transactions, such as local sandwich shops and quick-service restaurants, and neighborhood coffee shops.”

 

“We are extremely supportive of additional efforts to increase competition and transparency on all consumer payments, as well as efforts to create a more fair and level playing field for both merchants and consumers,” DeFife adds.

 

Last week, the National Restaurant Association issued a statement on the European Commission proposal framework. The NRA has been a leader in the swipe fee reform debate for more than a decade and helped secure important reforms to the U.S. debit interchange fee market under the “Durbin amendment.” The National Restaurant Association is a member of the Merchants Payments Coalition.