Durbin-Marshall Credit Card Bill Would Mean Billions for Corporate Mega-stores; Less for Consumers, Small Businesses, Community Banks, & Credit Unions

Date: December 7, 2023
Media Contact:
Nick SimpsonNick@electronicpaymentscoalition.org

WASHINGTON, DC — Today, US Senator Dick Durbin (D-IL) spoke on the Senate floor about his proposed credit card bill, which if passed, would line the pockets of corporate mega-stores like Walmart, Target, and Home Depot. These retail giants are massive funders behind Durbin’s political operations.

Below is a statement from EPC Executive Chairman Richard Hunt in response to Durbin’s remarks today on the Senate floor:

“There’s nothing like a career politician predicting what a successful business might or should do.

“Senator Durbin spoke today to appease the corporate mega-store lobbyists at Walmart, Target, and Home Depot funding his campaign to impose new mandates on your credit card.

“The 2010 Durbin bill eliminated free checking and debit rewards programs and increased card fraud – why should we believe going down the same path with credit cards would lead to a different result? “There is a reason every community bank and credit union in America is opposed to the Durbin-Marshall bill – because it is bad for local communities and economies.”