Mobile parking meter company raises fees in DC, citing Dodd-Frank law

An online and mobile parking meter company is raising its transaction fees in Washington, D.C., and blaming the controversial Dodd-Frank Wall Street reform bill for it.

The company, Atlanta-based Parkmobile, said in an email to its capital area members that it needed to increase its transaction fee by 13 cents to recover revenue that will be lost because of the 2010 bill that was named after former Sen. Chris Dodd (D-Conn.) and retiring Rep. Barney Frank (D-Mass.). 

"Beginning October 29th, transaction fees in DC will increase from $0.32 to $0.45 due to increased costs triggered by recent federal legislative reform enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act’s Durbin Amendment," the company wrote in the email, which was obtained by The Hill Thursday afternoon.

"To help offset this increase Parkmobile has developed the Parkmobile Wallet which will provide a more cost-effective parking experience in DC – Wallet transactions will carry a $.30 transaction fee," the e-mail continued. "You can update your payment method to the Parkmobile Wallet via your Personal Pages at www.parkmobile.com or from your mobile app (if using iPhone or Android). ... The Parkmobile Wallet is FDIC insured."

The mobile parking company operates in several cities, but it has become popular in Washington after it was attached to meters throughout the city.

The Dodd-Frank law has been touted by President Obama as a safety net for consumers, but Republicans have derided the measure as a burdensome set of regulations on business.

The provision of the bill ParkMobile was citing sets limits on the amount of fees banks and networks can charge retailers for swiping debit cards. The provision is known as the Durbin Amendment after its sponsor, Sen. Dick Durbin (D-Ill.).

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