WASHINGTON – The National Retail Federation today issued the following statement from Chief Administrative Officer and General Counsel Stephanie Martz following the announcement that a $30 billion settlement had been reached between U.S. merchants and Visa and Mastercard. Among the largest in U.S. antitrust history, the settlement seeks to resolve claims for injunctive relief in In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.
“We are still reviewing the proposed settlement, but we have some very real concerns. The reduction of just a few basis points is within the range that swipe fees have fluctuated over the years and amounts to pennies on the dollar. The fact remains that these fees are an unfair business practice that harms merchants and consumers and benefits banks. This settlement in no way influences our commitment to move forward with passing the Credit Card Competition Act.”
As the leading authority and voice for the retail industry, NRF has spearheaded efforts for payments policy reform, including a grassroots campaign to level the playing field for small businesses and retail merchants across the country.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com