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Electronic Payments Coalition |

What Exemption? — Community Banks & Credit Unions Lose Under the Durbin Amendment

Although the Durbin Amendment supposedly “exempted” community banks and credit unions, data from the Federal Reserve clearly show that, following the amendment’s passage, interchange revenue fell for these entities in real terms. The same thing will happen if proposed credit card routing mandates are enacted into law. Check out EPC’s latest explainer highlighting how small financial institutions lose big under the Durbin Amendment and credit card routing mandates.
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Electronic Payments Coalition |

All You Need To Know About Durbin 2.0

Megaretailers like Walmart, Target and Home Depot are working to convince their allies in Congress to pass legislation amounting to little more than corporate welfare paid for by consumers. These Main Street job killing corporations want to impose new government mandates on how retailers process credit cards and while that might seem innocuous enough, it means the data and fraud protection you expect; rewards you use to pay for everyday items like gas and groceries; and convenience you have come to expect when using a credit card would all go away. Of course they aren’t telling you this, but here are the facts…
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Electronic Payments Coalition |

Letter: Financial Trades Call on Fed to Reject Requests for Changes to Debit Card Interchange Fees

In a new letter sent to the Federal Reserve Board of Governors, the Electronic Payments Coalition, American Bankers Association, American Association of Credit Union Leagues, Consumer Bankers Association, Credit Union National Association, Independent Community Bankers of America, Mid-Size Banks Coalition of America, National Association of Federal Credit Unions and National Bankers Association urged the Fed to reject merchant requests for further changes to Regulation II governing debit card interchange fees.
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Electronic Payments Coalition |

Joint Financial Sector Letter Opposing Durbin-Marshall Amendments to Military Construction, Veterans Affairs Funding Bill

Today, 11 trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, sent a joint letter to Congressional leaders expressing strong opposition of the so-called “Credit Card Competition Act of 2023” as well as the effort by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) to attach their proposed credit card routing legislation (S. 1838) to the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act (H.R. 4366). The full letter can be found below:
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Electronic Payments Coalition |

EPC Chart: Retailer Sales Rise While Interchange Remains Flat

Big-box retailers, led by Walmart and Target, and their allies in Congress continue to distort the truth about interchange in order to help their bottom lines. Data collected by Verisk proves that interchange rates have been stable over the past seven years. Merchant groups like the Merchant Payment Coalition ignore the fact that any increase in interchange costs is directly correlated with and in proportion to increases in purchase volume. Interchange fees have increased largely in proportion to the revenue merchants have collected from credit card customers. There is a direct correlation between merchant profits and the small percentage of fees paid to enable that business growth.
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