BREAKING: New House Financial Services Chair STILL OPPOSES Durbin-Marshall Government Mandates

WASHINGTON, DC – Electronic Payments Coalition Executive Chairman Richard Hunt issued the following statement on new House Financial Services Committee Chair French Hill’s (R-Ark.) continued opposition to the Durbin-Marshall credit card mandates:

“The Durbin-Marshall mandates are job killers and amount to nothing more than a government takeover of Americans’ credit cards. Chairman Hill’s latest remarks are a signal the Durbin-Marshall proposal is – for good reason – going nowhere fast in the House of Representatives, much less the Senate.

“The facts clearly show credit card processing rates have remained flat for a decade, while retail sales have continued to skyrocket. Credit cards enable commerce and protect both consumers and small businesses from fraud and theft. The Office of the Comptroller of the Currency said as much in a recent legal filing, noting ‘credit and debit card transactions help to propel the Nation’s economy’ and processing costs ‘play a vital role in enabling banks to protect against fraud, cover the costs of transaction processing, and provide other valuable consumer services.’”