WASHINGTON – Financial Innovation Now (FIN), an alliance of companies including Amazon, Apple, Google, Intuit and PayPal, is speaking out against language contained in the Financial CHOICE Act that would repeal debit swipe fee reform.

FIN wrote to House Speaker Paul Ryan (R-WI) and Minority Leader Nancy Pelosi (D-CA) last week to “express its significant concerns regarding language in the CHOICE Act that repeals current law on debit card fees and routing competition.”

In passing debit reforms in 2010 as part of the Durbin Amendment to the Dodd-Frank Wall Street Reform Act, “Congress recognized that consumers and small businesses are not well served when few stakeholders have control over the payments system,” FIN wrote, adding that debit swipe fee reform has “led the way to competitive pricing and routing that has enabled companies to drive alternative payment technologies.”

As innovators in financial services and technology industries, FIN encouraged members of Congress to “join us in recognizing the important contributions debit reforms have made for consumers and small businesses, and reject any efforts to repeal them.”

The group also asked that Congress “look for ways to speed commerce and lower payment costs by scrutinizing technological barriers to payment security and explore ways to foster payment authentication methods that are more standards-based, open, and interoperable.”

Last week, NACS expressed its disappointment in the House Financial Services Committee’s action on Financial CHOICE Act.

“As long as H.R. 10 includes a repeal of debit swipe fee reform, NACS urges the House of Representatives to reject it,” said Lyle Beckwith, NACS senior vice president of government relations. “Debit reform has saved consumers and businesses $40 billion already. It makes no sense for the House to even consider a bill that would take away these pro-competitive, successful reforms.”