The National Retail Federation plans to embark on a media and grassroots campaign to encourage lawmakers not to make any changes to the Durbin Amendment, saying that any delay would prevent retailers from launching discount programs.
The NRF said it plans to announce the program at a news conference on Wednesday. The trade association said the Fed rule would "reduce debit swipe fees by an estimated 70%, saving about $14 billion a year that retailers plan to pass along to their customers through discounts or other benefits.''
The association said the financial services trade groups have spent "significant resources pushing a misinformation campaign about the reforms.''
Credit union and bank trade associations are pushing legislation to delay implementation of the interchange rule and have regulators, including the NCUA, study the issue.
The Fed has been drafting the rule as a result of the Durbin Amendment to last year's financial overhaul bill. The amendment was sponsored by Sen. Majority Whip Dick Durbin (D-Ill.)
The Fed issued a draft rule in December and was supposed to issue a final rule next month but has been delayed in doing so because it is still going through the large number of comments it received on the proposal. The final rule is supposed to take effect in July.
Acording to the proposed rule, the allowable costs for interchange would be limited to no more than the issuer's allowable costs divided by the number of electronic debit transactions on which the issuer received or charged an interchange transaction fee in the calendar year. Or the issuer could receive debit interchange capped at 12 cents per transaction.
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