WASHINGTON — On the eve of the much-anticipated release of a final rule on debit card swipe fees, the lobbying group for retailers made a final plea that the Federal Reserve Board maintain its initial proposal of 12 cents per transaction.
The Merchant Payments Coalition issued a press release Tuesday arguing that a higher cap would be "an unjustified concession to big bank profits."
Currently, the average swipe fee for U.S. debit cards is 44 cents, and banking lobbyists are pushing the central bank to raise the proposed limit. Many observers expect the Fed to raise the cap to around 20 cents per transaction.
The central bank is expected to issue a final rule Wednesday after the Senate failed to pass legislation that would have delayed the measure pending additional study.
According to Dodd-Frank, the final rule is supposed to take effect on July 21, but bankers are hoping the central bank will give them some additional time.
