Background:On April 21, the Republican-led House introduced the Financial CHOICE Act, which, if enacted, would repeal the Wall Street Reform and Consumer Protection Act. The latter, passed in 2010, made sweeping changes in the American financial regulatory environment that affected all federal regulatory agencies and almost every part of the nation’s financial services industry.While the primary objective of the Financial Choice Act was to rescind the Dodd-Frank Act, also included was the repeal of the Durbin Amendment, a last-minute change to Dodd-Frank that established a lower and more stable rate credit card companies could charge for fees on debit card transactions.UPDATE: (April 3, 2018) The House and Senate passed versions of the Financial Choice Act. The Durbin Amendment was removed in both versions. House and Senate now must reconcile the final version before sending to President Trump for signaturePosition:The NGCOA realizes repeal of the Durbin Amendment would immediately increase credit card processing fees for the majority of our members. One member estimated he would see an increase of at least $300 per month from increased transaction swipe fees. It is important to note: these are not fees your merchant processor charges for their services, but rather fees passed down from the issuing credit card provider.The NGCOA understands we need to address our concerns with members of Congress directly. On June 1, it sent letters to the U.S. House and to the U.S. Senate requesting support for retaining the Durbin Amendment. We additionally asked that as they deliberate repealing or modifying the Dodd-Frank Act, to consider creating a credit card fee structure that provides necessary protection for financial institutions and establish transaction fees which are simpler to ensure price predictability for merchants.The House passed the Financial Choice Act a week later with the Durbin Amendment removed from the legislation, leaving it in place for now. The bill is now being deliberated by the Senate, which has indicated the Durbin Amendment will not be included in its deliberation. Nevertheless, uncertainty will remain until a final House and Senate version of the bill is proposed.The NGCOA will continue to work with legislators to ensure they know the impact of providing total control for setting credit card transaction fees with banks and credit card companies. Members are encouraged to let their lawmakers know the importance of retaining the Durbin Amendment, and also encourage them to review the complex fee structure currently being used by the banks and credit card institutions. Why should merchants be held responsible for paying for the plethora of rewards being offered by credit card companies?