Date: September 24, 2024
Media Contact:
Nick Simpson
Nick@electronicpaymentscoalition.org
WASHINGTON, DC— Today, EPC Executive Chairman, Richard Hunt, released the following statement in response to the U.S. Department of Justice issuing an antitrust suit against Visa:
“The CFPB and Department of Transportation have already been weaponized against payment networks. Now it seems, as CFPB Director Chopra has said, ‘this is an all of government’ crusade. The government set price controls on debit card networks more than a decade ago, and savings were not passed to consumers; in fact, retailers actually raised prices. Now, if you believe this complaint, it shows the Durbin Amendment was a total failure but Senator Durbin has teamed up with Senator Marshall to do it again with your credit cards.
“The Department of Justice should instead examine why, despite promises, corporate mega-stores have repeatedly lied about passing savings on to consumers or not hiking prices higher than inflation.”