Oct 18, 2023
Arlington, VA – Today, FMI – The Food Industry Association commended the Federal Reserve Board for scheduling an open board meeting to consider adjusting the regulated debit interchange rate that merchants like grocery stores pay to process transactions paid with debit cards. FMI President and CEO Leslie G. Sarasin offered the following statement on the meeting.
“FMI applauds the Federal Reserve Board of Governors for scheduling an open meeting to propose adjusting debit card swipe fees. We have long advocated for the Federal Reserve to reduce the regulated rate to reflect the significantly reduced cost of processing these transactions as was required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. FMI and the National Association of Convenience Stores jointly petitioned the Board in December 2022 to take action on the debit regulated rate. We are very pleased that the Board is heeding grocery retailers’ call for reform, and we look forward to continuing to work with the agency to ensure a competitive, efficient, secure payments marketplace.”
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