National Bank Non-Interest Charges and Fees

The National Association of College Stores (NACS) opposes the interim final rule, arguing that it allows national banks to collect fees centrally fixed by third-party companies like Visa and Mastercard, which they claim will lead to higher costs for students and businesses. They urge the OCC to withdraw the rule and the related interim final order, citing concerns over anticompetitive fee-fixing and the lack of a proper notice-and-comment process.

7-Eleven, Inc. opposes the OCC's interim final rule and order, arguing that the actions undermine state efforts to exempt sales taxes and gratuities from interchange fees. The company contends that these fees are a significant operating cost and that the OCC bypassed the standard notice-and-comment process, depriving impacted businesses of a meaningful opportunity to provide input.

Dr. Robert Shapiro, an economic analyst and Senior Policy Fellow at the Georgetown University School of Business, argues that exempting sales taxes and gratuities from interchange fees will not lower consumer prices. He contends that the move will increase operational costs for retailers and banks while likely leading banks to recoup lost revenue by raising fees for their customers.

Scott Bromberg argues that the interim final rule obstructs state-level efforts to reform credit card swipe fees and allows card networks to set excessive banking fees. He contends that these fees unfairly burden merchants who act as tax collection agents and ultimately increase costs for consumers.