Home / Knowledge / News / Apparel/Garments / NRF urges US Congress to not repeal debit card reform
NRF urges US Congress to not repeal debit card reform
19
Sep '16
The biggest retail body in the world, the National Retail Federation (NRF) has urged the US Congress to disallow legislation that would weaken both, repeal the Federal Reserve's cap on debit card swipe fees and also competition. The proposed bill would unleash new, higher, hidden swipe fees that could more than double without competitive routing options.

According to NRF, the Dodd Frank Law set limits on what big banks could charge if they chose not to compete. Repealing the law would allow banks to raise the fees as high as they want, without fear of competition.

A survey conducted for NRF found that 89 per cent of consumers said the reform should remain in place. In addition, 84 per cent said swipe fees should be set on a competitive basis rather than letting credit card companies set price-fixed fees.

“Billions of dollars that retailers have saved under this cap have been passed on to their customers, and the vast majority of consumers surveyed have made it clear that they want those savings to continue,” Mallory Duncan, NRF senior vice president said.

“Repealing this important consumer protection measure would drive up the price of almost everything consumers buy and create an unearned windfall for the nation's largest banks,” he added. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

View of YiwuTex 2016; Courtesy: YiwuTex

Textiles | On 28th Feb 2017

Smart knitting system to grace 18th YiwuTex 2017

The thematic functional knitting machinery zone at the 18th YiwuTex...

Textiles | On 28th Feb 2017

Over 100 exhibitors expected to participate in IATF

Over a 100 exhibitors are expected to showcase their products at the...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search