NRA celebrates repeal of debit card swipe fee rules

08/1/2013 |

The National Restaurant Association said Wednesday's district court ruling repealing Federal Reserve rules on debit card swipe fees is a "major victory." The judge found that the Federal Reserve rules capping the fee at 21 cents ignored the intent of Congress when it sought limits in the 2010 Dodd-Frank law. The NRA and several other retail industry groups sued to have the rules overturned. "In particular, this ruling should provide relief for merchants with small-dollar tickets on whom Visa and MasterCard used the Federal Reserve's original final rule as an excuse to more than triple rates on those transactions," said Scott DeFife, NRA executive VP for policy and government affairs.

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