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The Food Marketing Institute (FMI) is making its food retailer members aware of the Federal Trade Commission’s (FTC) materials that educate small and large retailers alike about the changes in the debit card marketplace. Federally legislated swipe fee reform took effect Oct. 1.
“Despite the positive first step with debit card fee reforms, there is still a lot about the financial services industry that is opaque and confusing,” noted Liz Garner, director of government relations at Arlington, Va.-based FMI. “The FTC’s proactive efforts will undoubtedly help keep networks and financial institutions from skirting the new regulations, and will provide a critical outlet for merchants to report any concerns.”
Many of the big banks represent more than $50 million in consumer and small business accounts, so FTC has made materials available at http://business.ftc.gov/documents/bus78-new-rules-electronic-payments-lower-costs-retailers to help retailers navigate the reforms and help provide savings for their customers.