Credit Card Hearing Latest Stop on Durbin-Marshall Retribution Tour

WASHINGTON, DC – Electronic Payments Coalition Executive Chairman Richard Hunt issued the following statement after Senate Judiciary Chairman Dick Durbin again politicized his committee to hold a retaliatory hearing, aiming to push new mandates on Americans’ credit cards:

“The Durbin-Marshall Retribution Tour continues, with Senator Durbin getting the band back together for a politically motivated Judiciary Committee hearing.

“If Senators Durbin and Marshall were serious about protecting consumers and small businesses, they would ask corporate mega-stores to answer for the failure to pass savings along to consumers when Congress passed price-fixing legislation on debit cards. This hearing is clearly an 11th-hour attempt to deliver on promises made to some of their largest donors.

“The facts are clear. These proposed credit card mandates will harm consumers, harm small businesses, and hurt local financial institutions that communities across the country rely on.”

NOTE: The Congressional Research Service (CRS) recently released a report stating “it is not clear whether retailers would pass interchange savings on to consumers” and “it is unlikely a small business would be aware of a smaller network … [and] might face higher incidences of fraud.”

Additionally, the University of Miami found small businesses would be put “at a further competitive disadvantage” if the Durbin-Marshall Credit Card Bill were to become law. Community banks and credit unions in all 50 states have come out in opposition to the Durbin-Marshall bill.