[WASHINGTON, D.C.] – U.S. Senator Dick Durbin (D-IL) released the following statement today regarding new regulations which finally bring fairness, transparency and competition to the debit swipe fee system:
“Today, swipe fee reforms take effect and will finally help bring fairness, transparency and competition to a debit card system that for years has operated without them.”
“These rules will give small businesses some relief from the unreasonably high fees that the Visa and MasterCard duopoly fix on behalf of the nation’s biggest banks, and consumers will finally begin to benefit from the increased competition, discounts, and lower prices that reform will bring.”
“Bank of America showed us this week that some big banks and credit card companies care less about providing customer service than they care about squeezing customers for more fees. The best defense for American consumers and businesses against unfair fees is a transparent and competitive financial marketplace overseen by reasonable regulation.”
“Today’s debit reforms take us a big step closer to that goal and going forward I’ll continue to fight to ensure that Main Street comes out ahead of Wall Street.”
Swipe fee reforms take effect today. Small Businesses looking for information about what swipe fee reform means to them should visit the Federal Trade Commission’s new website on the issue: http://business.ftc.gov/documents/bus78-new-rules-electronic-payments-lower-costs-retailers.