From the National Retail Federation, April 18, 2022
The National Retail Federation urged Visa and Mastercard to cancel credit card swipe fee increases scheduled to take effect this month, citing a letter from both Republican and Democratic members of Congress saying higher fees would add to inflation.
“American consumers are struggling under the worst inflation in four decades and these increases would only make the situation worse,” NRF Vice President for Government Relations, Banking and Financial Services Leon Buck said. “Swipe fees are a percentage of the transaction, so banks and card networks are already receiving an unearned windfall as they piggyback on higher prices. They’re going to see billions of dollars more in revenue this year even if rates stay the same, so an increase would only add insult to injury.”