National Coalition of Associations of 7-Eleven Franchisees Urges Congress and the Federal Reserve to Move Forward on Swipe Fee Reform
TUCSON, Ariz., March 7, 2011 // PRNewswire // -- The National Coalition of Associations of 7-Eleven Franchisees came out today in support of debit card swipe fee reform, calling on Congress and the Federal Reserve to responsibly implement a new federal statute that limits excessive fees charged by credit card companies in retail transactions.
One of the largest retail trade associations in the United States, the National Coalition is urging its members, vendors and customers alike to reach out to their members of Congress to support the Federal Reserve's new swipe fee rules and move debit card reform forward. A comprehensive website—www.unfaircreditcardfees.com—has been set up to provide individuals with the advocacy tools necessary for communicating their support of the Fed's current rulemaking process, a process that major credit card companies are fighting to arbitrarily delay. The National Coalition is urging storeowners, customers, and vendors to visit the website without delay, as the proposed Fed rule is expected to be finalized by April 22, and will go into effect on July 21.
"The punitive practices of the credit card companies must be stopped," stated Bruce Maples, national chairman of the Coalition. "Swipe fees cost merchants $12 billion a year, or $33 million per day, which our franchisees have no other choice than to pass on to their customers," he continued. "We strongly support the successful Congressional effort to provide relief from these exorbitant fees, and would like to see the Fed responsibly implement the spirit of the new law without further delay."
The National Coalition will be sending franchise owners to Washington, D.C. over the next 10 weeks to visit their members of Congress, and encourage them to support the Federal Reserve's swipe fee rulemaking process. They will join numerous other retail organizations and associations on Capitol Hill, including members of the broad-based Merchants Payments Coalition, in this important effort.
The National Coalition of Associations of 7-Eleven Franchisees is the national trade group for 7-Eleven storeowners in the U.S., representing the interests of 4,900 franchise-owned stores, and their membership organizations, which employ nearly 40,000 workers.
SOURCE National Coalition of Associations of 7-Eleven Franchisees