Now is the time to weigh in with the Federal Reserve on new regulations to increase competition needed over the fees banks and card networks charge merchants to process debit card transactions. If enacted, this proposed regulation could save retailers billions of dollars in payment processing fees.

Banks and the card industry are flooding the Fed with comments arguing against these new regulations. If these false and misleading claims aren’t countered, this opportunity to protect retailers’ rights and bring the same competition to online commerce could be lost.

Tell the Fed how important debit card routing is for retailers, especially small retailers who can least afford enormous “swipe” fees. Weigh in now, before the August 11 deadline.