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27/04/2011 -
In recent news for retailers, Federal Reserve Chairman Ben Bernanke said that his agency would need more time to implement the swipe fee changes, which seeks to limit the amount credit card companies can charge retailers for processing payments.Bernanke wrote in a letter to Congress that because the Fed was having to deal with approximately 11,000 comments on the proposal, the regulations would miss the April 21, 2011 deadline, but will come into effect on July 21. Many retail industry representatives have said that they want the fees to be reduced as soon as possible and customers, who often cause crowd control issues as they wait behind stanchions, would ultimately benefit.
"Retailers want to begin passing on swipe fee savings to their customers as soon as possible, and today's announcement means those plans will be able to move forward as planned despite the anti-consumer efforts of some in Congress," National Retail Federation Senior Vice President and General Counsel Mallory Duncan said.
But while many retailers are looking forward to paying less, the credit card industry is calling the new limits unfair. In a recent interview with Reuters, MasterCard president Chris McWilton, said that the new government policy represented "creeping socialism."
