Retailers are up in arms over the proposed settlement filed in July of antitrust lawsuits by merchants against Visa, MasterCard and the nation's largest banks.
One week after the Senate failed to pass an amendment that would have delayed swipe-fee reform for an additional 12 months, the Department of Justice Antitrust Division reportedly is addressing anticompetitive practices related to credit cards.
The retail industry won a big victory in Washington, D.C., as the Senate defeated an amendment that proposed to delay swipe-fee reform for another 12 months.
Just two weeks after expressing its discouragement caused by the delayed swipe-fee reform, the National Retail Federation lauded a letter from a coalition of consumer groups that also opposed the delay, which is slated to go into effect this summer.
The National Retail Federation said legislation introduced Tuesday to delay swipe fee reform, which is scheduled to go into effect this summer, would block retailers from giving discounts to consumers who use debit cards and would cost merchants and the public more than $1 billion per month.
The National Association of Chain Drug Stores and the National Community Pharmacists Association on Tuesday urged Congress to permit the Federal Reserve Board to expedite the implementation of an amendment to the financial-reform legislation.