In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. This legislation protected small business owners and consumers alike, by placing a limit on the fees that banks could charge businesses for debit and credit card swipes. The fee reform meant business owners could grow their bottom line without hiking up prices for their customers. Since 2010, the debit fee reform has saved businesses and their consumers $40 million. Now, the U.S. House Committee on Financial Services is considering the CHOICE Act, under which the existing debit fee protections would be eliminated and costs for small businesses would increase dramatically.
The committee has already held a hearing on their proposed legislation and the CHOICE Act could go to full vote in the House as soon as mid-May. You have the opportunity to help urge lawmakers to protect the debit fee reforms that have had such a positive impact on c-store owners and their consumers. NACS has made it easy for you to submit a pre-written letter to your local House representative. Click here to submit your letter now and join the fight to protect debit fee reforms.