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


Interviews View All

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

DK Sharma, Velocity Apparelz

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Poonam Naik Desai,

Poonam Naik Desai

Peekaboo is a sustainable, high quality, luxury sleepwear brand providing...

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

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

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

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

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

Leave your Comments


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On

Follow Fibre2Fashion On


Advanced Search