Contact: Heather Garlich
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.
Credit and Debit Card Interchange Fees
Food Marketing Institute