U.S. retailers have been eagerly awaiting the promised savings from that Dodd-Frank financial-overhaul law are finding the early results disappointing, reducing the already-slim chance that consumers would see lower prices as a result of the changes, according to The Wall Street Journal. For the full story, click here.
Editor’s Insight: VendingMarketWatch reported on 11-23-11 that a group of retailers, including the National Association of Convenience Stores, the National Retail Federal and the Food Marketing Institute, sued the Federal Reserve over the debit transaction rate fees. Now the retailers, who lobbied for regulation of rates in the first place, want the Federal Reserve to change the rate caps. Organizations such as National Association of Convenience Stores heralded the reforms back in June when they were being finalized.
The retailers should have recognized that regulating something as complex as credit and debit transactions was not going to be easy. Did the retailers determine what costs they would incur lobbying and suing the regulatory organizations? The vending industry has already invested a lot of time and resources in minimizing the fallout from this reform. 11-28-11 By Elliot Maras
