Statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC) on the release of Chairman Jeb Hensarling’s Financial CHOICE Act draft legislation :
“The Electronic Payments Coalition supports the hard work of Chairman Hensarling and his push to repeal the Durbin Amendment as part of the Financial CHOICE Act. The Durbin Amendment’s misguided and harmful price controls created one winner—big box retailers—and many losers by hurting customers, small businesses, credit unions, and banks of all sizes. It is time to free the electronic payments marketplace from these price-fixing shackles imposed by big box retailer special interests. We thank Chairman Hensarling for his leadership and commitment to end this failed policy.”
To learn more about the harmful effects of the Durbin Amendment, read the letter EPC members sent to Chairmen Hensarling and Neugebauer and the letter from 51 state bankers associations in support of repeal.
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) is a coalition of payments industry stakeholders, such as credit unions, community banks, trade associations, payment card networks and banks that speaks on behalf of the payments industry to protect the value, innovation, convenience, security and competition that exists in the modern electronic payments system. The EPC educates policymakers, consumers and the media on the system’s role in economic growth and the importance of consumer choice, security, innovation and stability for the continued growth of global commerce.