SIGMA calls for more legislation like the Durbin Amendment

Tim ColumbusA trade association that represents the nation’s most powerful independent motor fuel marketers and chain retailers is ready to lobby Congress to pass more legislation like the Durbin Amendment.

The Society of Independent Gasoline Marketers of America , along with other retail groups, is working to continue the momentum of the Durbin Amendment in order to convince legislators to cap interchange on credit cards as well as on new mobile-payment technology, reports.

Tim Columbus, SIGMA’s leading counsel, told that the battle between financial institutions and retail groups on debit card interchange fees was “the most-heavily lobbied issue that [Congress] has seen in many years.”

Retailers, however, have vowed to keep pressure on Congress to squash hopes among the banks that interchange fee caps will only be applied to cards.

Columbus said the growing trend of mobile-payment technology is motivating them to focus on “interchange” which would include all forms of credit payment systems, reports.

SIGMA has approximately 250 corporate members that command 30 percent of the petroleum retail market and sell more than 56 billion gallons of motor fuel a year.

Columbus said he is confident in their lobbying ability and doubted that banks would be able to garner enough Capitol Hill support to pass a Durbin Amendment repeal bill.

“Community banks continue to prosper, consumers are saving money and retailers are happy," Columbus said, according to “That leaves only the major banks to lobby for repeal."

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