Swipe Fee Legislation Expected to Be Introduced Soon

On Tuesday, it was announced that the House Financial Services Committee Chairman Jeb Hensarling (R-TX) will reintroduce a bill before the end of the month to provide an alternative to the 2010 Dodd-Frank Wall Street Reform Act, known as the “Financial CHOICE Act” which would repeal the Durbin Amendment.

PMAA has been working with the Merchants Payments Coalition (MPC) and meeting with House Financial Services Committee members for the past year to educate members of Congress about the benefits of the Durbin Amendment. Now that we know the legislation includes the provision to strip the Durbin Amendment, we are going to make this a top issue during PMAA’s Day on the Hill in May.

Also, please click here for an update from PMAA General Counsel regarding the credit card interchange fee litigation.