Retailers Tell Fed Debit Swipe Fee Cap is Still Too High

A cap on debit card swipe fees enacted by the Federal Reserve five years ago has helped reduce costs for retailers and consumers, but is still higher than intended by Congress and should be lowered, the National Retail Federation (NRF) said. “In most cases, 24 cents per transaction represents a significant savings over the prior noncompetitive pricing,” NRF Senior Vice President and General Counsel Mallory Duncan said. “However, it's still substantially higher than issuers’ incremental costs.”