EPC Applauds U.S. Senate for Excluding Durbin-Marshall Credit Card Mandates from GENIUS Act
WASHINGTON, DC — Electronic Payments Coalition Executive Chairman Richard Hunt issued the following statement after the U.S. Senate excluded the Durbin-Marshall credit card mandate amendment from the legislative process surrounding the GENIUS Act:
“The U.S. Senate took an important step to protect the safety and security of America’s payments system by officially excluding the controversial Durbin-Marshall credit card mandate amendment from the GENIUS Act.
“The draconian Durbin-Marshall amendment would have undermined consumer protections, jeopardized rewards, and weakened the security and reliability of card transactions for both consumers and small businesses.
“We are especially thankful to the Senators who stood firm against this harmful mandate and prioritized principle over special interests. Their leadership safeguarded the infrastructure that powers our modern economy and preserved a payments system trusted by millions of Americans.
“While legislative threats to the payments system may continue, today’s outcome marks a meaningful victory for consumers, small businesses, and all who rely on safe, efficient, and innovative electronic payments.”
NOTE: Over the last month, opposition to the Durbin-Marshall mandates has continued to grow. Community banks and credit unions in all 50 states have come out against these harmful mandates and Airbus, Boeing, Embraer, RTX Corporation and General Electric Aerospace joined leading airlines and labor unions and groups, including the Allied Pilots Association, Association of Flight Attendants-CWA, Association of Professional Flight Attendants, Communications Workers of America, International Association of Machinists and Aerospace Workers, Regional Airline Association, Southwest Airlines Pilots Association, and Transportation Workers Union of America. This is in addition to a new report by the Government Accountability Office highlighting the numerous benefits and cost savings the federal government receives from accepting credit and debit card payments as well as a new poll released by the Taxpayer Protection Alliance showing Americans overwhelmingly trust the current credit card system and by a margin of more than 10% would oppose politicians who support jeopardizing the current safe, secure, efficient credit card system.