Retailers working to cut or cap credit and debit card interchange are shifting their efforts from members of the House Judiciary Committee to members of the House Financial Services Committee.
The Merchant Payments Coalition, a lobbying that retail associations formed around the interchange issue, announced that it has taken out advertising designed to link the issues of card interchange with subprime mortgage lending and the overall crisis in financial services.
"We don't think we can fix the economic crisis without addressing the incentives behind irresponsible credit card lending by reforming the interchange fee system and addressing this unfair burden on American small businesses and consumers," said Hank Armour, CEO of the National Association of Convenience Stores on a call detailing the advertising campaign for reporters.
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