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04/10/2011 -
Retailers using credit card machines are set to benefit from new Federal Reserve regulations that went into effect at the beginning of the month, the National Retail Federation asserts.The Durbin Amendment, passed earlier this summer by the government and effective as of October 1, essentially halves the fees charged to retailers by financial institutions for each debit card transaction. Banks can no longer charge more than 21 cents per transaction plus 0.05 percent the value of the transaction.
The obvious winners are retailers and consumers, the NRF states.
"Retailers across the nation are developing a wide range of innovative ways to pass these savings along to their customers with lower prices and better value," NRF senior vice president and general counsel Mallory Duncan said. "Change won't come overnight, but consumers will definitely benefit."
The financial reconfiguration spelled out in the Dodd-Frank Wall Street Reform and Consumer Protection Act, in which the Durbin Amendment is included, also created a new, dedicated Consumer Financial Protection Bureau. This entity, independent from but within the Federal Reserve, will work to promote transparency and prevent abuse and deceptive practices.
