CALL TO ACTION
Interchange Fees (SB 126)
Sen. Billy Hickman, R-Statesboro
On the Agenda for a Senate Banking and Financial Institutions Hearing on Feb-21
Interchange fees are paid by retailers to facilitate electronic payments made by customers using credit and debit cards. Currently, interchange fees are calculated on the final purchase amount. SB 126 prohibits interchange fees from being assessed on the sales tax portion of these transactions. Point-of-sale systems are not currently programmed to accommodate this requirement and such a wholesale change should be pursued at the federal level, rather than state-by-state. Proponents of the bill include retailers, NFIB, Home Depot and RaceTrac.
The financial institutions trade associations and other interest parties in the payments ecosystem have spent the week lobbying against this measure and are working to educate Senators on the “other side” of the argument. The Georgia Bankers Association prepared talking points for all of the trade associations so we can have a unified message with our legislators. Click here for the talking points. The retailers have instituted their grassroots efforts and have been making phone calls to the author of the bill and their Senators. Now is the time to make our voices heard.
It is Time to Act! We are asking that all of our community bankers reach out to the author of the bill, the members of the Senate Banking & Financial Institutions Committee, and your personal Senator on this measure. Please ask that they OPPOSE the bill and explain why this is important for your community bank. The members to call are listed below:
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EVP, Chief of Staff, Government & Regulatory Relations