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Electronic Payments Coalition |

EPC Explainer: Why Congress Should Oppose the Credit Card Competition Act

The EPC has created an explainer handout that includes a general summary of the Credit Card Competition Act and its negative impact on consumers, small businesses, and financial institutions. This legislation would allow big-box retailers–like Walmart and Target–to process credit card transactions based solely on what is cheapest for them without regard to the value that consumers derive from rewards and many other benefits. This would add billions of dollars to the bottom lines of mega-retailers every year while eliminating almost all the funding that goes towards popular credit cards rewards programs, weaking cybersecurity protections, and reducing access to credit. Keep reading below to learn more.
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Small Business and Entrepreneurship Council |

Small Business & Entrepreneurship Council Explainer: Why the Credit Card Competition Act is Bad for Small Businesses

The Small Business and Entrepreneurship Council (SBE Council) strongly opposes harmful credit card routing legislation introduced this year in the Senate (S. 4674) and the House (H.R. 8874). If enacted, credit card routing mandates would be burdensome for small businesses. The mandates would drive billions of dollars from the credit market and force financial institutions to reduce crucial lending to entrepreneurs and their businesses in need. Check out SBE Council’s explainer below that highlights how credit card routing mandates would strip small businesses of valuable services, like fraud prevention, that they rely on to protect their business and customers.
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