The National Restaurant Association released the following statement in response to a letter by Senator Dick Durbin (D-IL) and Representative Peter Welch (D-VT) encouraging the Federal Reserve Board to review their own debit fee rules in light of a recent proposal from the European Union Commission:
“We are grateful for the continued leadership of Senator Durbin and Representative Welch on swipe fees and other payments issues of critical importance to the restaurant and foodservice industry,” said Scott DeFife, EVP of Policy and Government Affairs. “The restaurant industry strongly encourages the Federal Reserve Board, as recommended by Senator Durbin and Representative Welch, to revisit appropriate debit card fee levels. Reconsideration of the Board's standards would be incredibly meaningful to all restaurants, but particularly those who have a high number of small-dollar transactions, such as local sandwich shops and quickservice restaurants, and neighborhood coffee shops.”
“We are extremely supportive of additional efforts to increase competition and transparency on all consumer payments, as well as efforts to create a more fair and level playing field for both merchants and consumers,” added DeFife.
Last week, the NRA issued a statement on the European Commission proposal framework. The organization has been a leader in the swipe fee reform debate for more than a decade and helped secure important reforms to the U.S. debit interchange fee market under the “Durbin amendment.