With 92% of NFIB’s members believing that small businesses should have the right to choose among multiple credit card processing networks, credit card swipe fees remain one of the highest overhead costs for small business owners. NFIB sent a letter opposing a new rule that will increase swipe fees.

The Office of the Comptroller of the Currency (OCC) released an interim final rule that allows credit card processors to set swipe fees while blocking state laws from addressing rapidly increasing fees. NFIB sent a letter to the Department of the Treasury in strong opposition to this ruling. In the letter, Beth Milito, Vice President and Executive Director of NFIB’s Small Business Legal Center, details why card processors should not be allowed to set swipe fees for banks and how this anti-competitive relationship acts to drive up costs on millions of businesses and consumers.

NFIB Senior Vice President of Advocacy, Adam Temple, also produced an opinion piece published in RealClear Politics urging lawmakers to support the bipartisan Credit Card Competition Act. Read the full letter to the Department of the Treasury for more insight.

Take Action: Urge lawmakers to pass the Credit Card Competition Act to give business owners freedom of choice with their credit card processor.