Contact: Heather Garlich
hgarlich@fmi.org
202-220-0616
ARLINGTON VA – November 22, 2011 – Today, the Food Marketing Institute (FMI) has joined with the National Association of Convenience Stores, the National Retail Federation – and two companies – Boscov’s Department Store and Miller Oil Company – in filing suit to challenge the Federal Reserve’s rule on debit card swipe fees.
The legal challenge is a unified response to the fact that the Federal Reserve’s final rule on swipe fees does not follow the legal requirements in the debit card swipe fee portion of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule did not go far enough; allowing big banks to continue gouging merchants and consumers with unjustifiably high swipe fees and failing to promote the competition among card networks that would help reduce network fees.
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