WASHINGTON - The battle over debit card swipe fees is not over. Despite President Obama signing into law the financial services bill that directed the Federal Reserve to issue standards for debit card swipe fees, which it did, intense lobbying by the banking industry has opened the door for hearings to review debit card swipe fees, reports The Wall Street Journal.

The banking industry??s ultimate goal is to repeal the prevision in the financial services bill, known as the Durbin amendment, that addresses debit card swipe fees.

House Financial Services Chairman Spencer Bachus (R-AL) announced that there will be a sub-committee hearing, chaired by Rep. Shelly Moore Capito (R-WV) on Feb. 17 to review the Durbin amendment.

Swipe fees have been the convenience and petroleum retailing industry??s top pain point and second largest expense item ?" behind only labor costs ?" for a number of years. As a percentage of overall sales, card fees increased in 2009, from 1.35 to 1.45 percent of total industry sales dollars, factoring in all forms of payment, including cash and check. Total credit card fees ($7.4 billion) also surpassed overall convenience store industry pretax profits ($4.8 billion) for the fourth straight year in 2009.

"There is no question about the banking and credit card lobby??s resolve to repeal the Durbin amendment. Now is the time for retailers to stand up to the duopoly of Visa and MasterCard and preserve your ability to offer your customers less expensive payment methods," said Lyle Beckwith, NACS?? senior vice president of government relations.

If preserving swipe fee reform and other legislative issues are important to you, it is essential that you attend the NACS Day On the Hill Congressional Fly-In this March 9 to 11 and let Congress know how you feel in person.