In a move that has perhaps been long overdue, merchants are beginning to discuss how consumers might benefit from the Durbin Amendment in the form of discounts. In the latest campaign against delaying the Durbin Amendment –announced by the National Retail Federation (NRF) this week –the organization is framing their argument around the idea that consumers will directly benefit through retailer’s passing value through to them.
“The NRF said it plans to announce the program at a news conference on Wednesday. The trade association said the Fed rule would “reduce debit swipe fees by an estimated 70%, saving about $14 billion a year that retailers plan to pass along to their customers through discounts or other benefits.’’
The July 21st deadline is looming and Congress appears to be struggling in their efforts to get a delay bill through the legislative process. Assuming their pitch has some substance to back it up; the NRF may be showing up with the right argument at the right time. Legislators view delaying the Durbin bill as an uphill battle and could be looking for a reason to move on to other issues.