EPC Applauds Congress for Protecting Consumers from a Government Credit Card Takeover

WASHINGTON, DC – Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued the following statement after the 118th Congress completed its legislative session without advancing the Durbin-Marshall Credit Card Bill:

“EPC applauds Congress for repudiating the experimental, draconian Durbin-Marshall Credit Card Bill—a proposal that would undermine the security, rewards, and convenience of Americans’ credit cards. This reckless legislation sought to impose a government takeover of credit cards, allowing corporate mega-stores to pocket larger profits at the expense of data security and fraud protections.

“Sens. Durbin and Marshall resorted to every typical Chicago-style political tactic this session, including weaponizing the government by deploying the CFPB against political opponents and facilitating a blatantly biased, last-minute hearing for their flawed bill.

“Credit cards fuel economic growth, enabling secure, seamless transactions for businesses and consumers alike. For small businesses, credit cards are essential for accepting payments and serve as a vital source of short-term capital and rewards, which can be reinvested into their operations and employees.

“Studies confirm these proposed mandates fail to deliver the promised benefits. The Congressional Research Service found it unlikely consumers would see lower costs or that small businesses would experience meaningful savings. Instead, CRS warned of higher fraud incidents if the flawed Durbin-Marshall bill became law. The only beneficiaries would be the same corporate mega-stores funding Senators Durbin and Marshall’s misguided credit card crusade.”

Note: The Durbin-Marshall Credit Card Bill, sponsored by Senators Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.), proposes new mandates on Americans’ credit cards, requiring the leading card networks to run credit cards on untested networks. This would expose consumers and small businesses to fraud and jeopardize the credit card rewards programs American households rely on to fight inflation and fuel economic activity in local communities, particularly those dependent on tourism.