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Mobile parking meter company backtracks on Dodd-Frank fee attribution
Mobile parking meter company ParkMobile is backing off an assertion that the controversial Dodd-Frank Wall Street reform bill is responsible for a transaction fee increase in Washington, D.C.
The Atlanta-based company had previously told customers that it was increasing its transaction fee by 13 cents to recover revenue that will be lost because of limits in the 2010 bill on fees banks and networks can charge retailers for swiping debit cards.
The sponsor of the amendment to the massive reform law, named after former Sen. Chris Dodd (D-Conn.) and retiring Rep. Barney Frank (D-Mass.), that contained the swipe-fee limits was Sen. Dick Durbin (D-Ill.).
Durbin sharply criticized ParkMobile for the suggestion, arguing that ParkMobile's issues with the legislation was with credit card companies, not his legislation.
"Last week in a press release and email announcement introducing the Parkmobile Wallet, a simpler, lower cost way to pay for parking in the District of Columbia, the company made an overly simplistic statement about the underlying cause of increasing card transaction fees," the email, which makes no mention of Durbin, says.
"In an attempt to explain why costs have increased the company left the potentially confusing impression that Federal legislation is to blame," the email continues. "The company apologizes for any confusion caused by this statement."
The underlying Dodd-Frank law has been touted by President Obama and other Democrats as a safety net for consumers after the economic crisis of 2008. But Republicans have derided the measure as a burdensome set of regulations on business, and GOP presidential nominee Mitt Romney has pledged to repeal it.
