Thursday, July 22, 2010

Quote of the Day: "The war on interchange fees is far from over"

National Association of Convenience Stores (NACS) president and CEO Hank Armour said, "Our Interchange Fee Reform Petition Drive gathered more than 5.4 million signatures demanding that Congress take action to reform the interchange system, making it the largest petition drive on a legislative issue in U.S. history. Further, the thousands of person-to-person calls and meetings by our members with their elected representatives as well as the letters that many of them wrote were vital in communicating the facts supporting our initiative and the passion constituents had for the issue."

He added, "The war on interchange fees is far from over. We must engage with the Federal Reserve over the next nine months to ensure that appropriate standards are issued, and we must continue our battle to reduce interchange fees on credit-card transactions."

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