Banks and credit union associations around the country seem to have found their collective voice in their fight against implementing debit card interchange fees. The momentum to at least delay the final rules writing process, appears to be on their side and these groups are coalescing around a specific set of sound bites.
Through higher fees to own and use debit cards, fewer benefits and less convenience, America’s consumers will foot the bill for giant retailers – the primary beneficiary of this rule for which they lobbied for nearly a decade. With 81 percent of all debit transactions going through only 1.5 percent of the largest retailers, it is estimated that big-box stores will enjoy a $12 billion annual windfall should this rule be implemented as proposed.
In the meantime, the Federal Reserve is continuing their work unless Congress tells them to stop. Whether or not these arguments have enough political capital to carry a bill through both Congressional houses remains the question.