Yesterday, by a vote of 237-192, the House of Representatives adopted H.R. 4173, the Wall Street Reform and Consumer Protection Act.  The Senate is expected to vote on the bill sometime the week of July 12.  Included in the bill is a modified version of the NRA-supported Durbin Amendment, which makes the following  changes affecting merchant debit card fees and credit card acceptance practices:

·         The Federal Reserve will issue regulations to ensure interchange fees on debit card transacations are "reasonable and proportional" to the cost of processing such transactions.

·         Merchants will be able to set minimum amounts for credit card usage as long as the minimum does not exceed $10 per transaction.

·         Merchants will be able to offer customers discounts for use of cash, checks, and debit cards.

The bill also includes an NRA-supported provision requiring the newly established Consumer Financial Protection Bureau (CFPB) to include a review and recommendations from a small business advocacy review panel of any proposed rules that will significantly impact small businesses.  The CFPB will also have to inform the public how its rules impact the ability of small businesses to obtain access to credit.  We were successful in eliminating language included in the House-passed bill that would have granted enhanced regulatory authority to the Federal Trade Commission (FTC), which would have been able to write rules directed at the restaurant industry with no procedural safeguards and with the potential for multi-million dollar civil penalties.    

Attached is a letter sent to the entire Congress earlier this week along with a press release urging support for the bill.  Also attached is a detailed summary of the modified Durbin Amendment included in the final bill.  Lastly, below is an Action Alert sent to our members urging them to contact their Senators/Representative to vote for the bill. 

With Senate action still pending, contact needs to be made with Senators.  Those in particular need of contact are:

Scott Brown (R-MA)

Charles Grassley (R-IA)

Olympia Snowe (R-ME)

Susan Collins (R-ME)

Russ Feingold (D-WI)

Maria Cantwell (D-WA)

 URGENT — CALL TO ACTION!

Ask House and Senate to Adopt Financial Reform Bill

The House and Senate will vote on Financial Reform legislation this week.  The bill includes a provision (Durbin Amendment) that would allow the Federal Reserve to regulate interchange or "swipe" fees on debit cards.  In addition, merchants could set minimum transaction amounts (can't exceed $10) on credit card transactions and have more freedom to choose their preferred method of payment.  Also included in the bill, is a provision that would ensure the newly created Consumer Financial Protection Bureau (CFPB) will be a "covered agency" under the Regulatory Flexibility Act, so that small business review panel provisions would apply to the CFPB and that small business impacts are considered in actions considered by the CFPB.  We were also successful in removing language included in the House-passed bill that would have granted enhanced regulatory authority to the Federal Trade Commission (FTC) over advertising practices of the restaurant industry.

Contact Your Senators and Representative NOW!

Email Your Senator and Representative!  We have prepared a sample letter that you can customize and send directly to your Senators and Representative.

Click here to write your Members of Congress and ask them to vote YES on Financial Reform