U.S. Senator Susan Collins released this statement following today’s vote in the Senate on the Debit Interchange Fee Reform Act. The final vote was 54-45, but the measure needed 60 votes to pass.
“This truly is a complex issue, and I have listened closely to the arguments of people on both sides, including small business owners, retailers, bankers, credit union managers, and consumers.
"I support the regulation of interchange fees. I am particularly concerned with the impact that high interchange fees have had on small, Main Street merchants who do not have the opportunity that larger retailers have to negotiate these fees with the card networks.
“Small businesses are the backbone of our nation’s, and Maine’s, economy. They are struggling, especially in this weak economy, to pay the bills and keep their employees working. Congress passed legislation last year that was intended to rein in excessive fees these businesses are charged every time a customer uses a debit card. I have had numerous conversations with small business owners in Maine who have told me that these fees have become a major cost of doing business.
“I am sincerely concerned about how small community banks and credit unions will be affected by this law. Current law does specifically exempt small banks and credit unions from these new interchange fee regulations. I am hopeful that the final rule issued by the Federal Reserve will provide for a meaningful and workable exemption for these small banks and credit unions, and that it will set fair rates that reflect the true costs of financial institutions and credit card companies."
###