In a letter sent to the Hill today, Consumers Federation of America clarified their stance on swipe fee reforms with a clear declaration that “CFA does not support delaying implementation of the new law.”
Big banks and Members of Congress have been misrepresenting consumer interests throughout the swipe fee debate, but the real consumer groups and consumer advocates speak loud and clear. From the letter: The current interchange system is uncompetitive, non-transparent and harmful to consumers.
Consumer Federation of America joins many of its peer institutions, including US PIRG and The Hispanic Institute, in its vocal opposition of delaying the swipe fee rule that will bring much-needed relief to Main Street merchants and consumers.
You can access the full letter here.