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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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Electronic Payments Coalition |

The Effect of Interchange Regulation on Credit Card Rewards

Consumers worldwide use credit cards, but due to differences in regulatory requirements, not all have access to the same rewards and benefits as Americans. While those in favor of creating new credit card routing mandates claim that rewards would go on as usual for US consumers, the facts are that no matter the country, when unnecessary regulatory burdens are placed on consumers’ cards, the rewards quickly evaporate. Keep reading below to learn more.
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Electronic Payments Coalition |

Joint Financial Sector Letter Opposing Durbin-Marshall Amendments to NDAA

WASHINGTON, D.C. — Today, ten 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” and an impractical, technically-flawed, and unnecessary study proposal (Amendment 177) as amendments to this year’s National Defense Authorization Act (NDAA). The full letter can be found below:
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Credit Union National Association |

CUNA Study Outlines Consumer Harm Caused By Interchange Price Caps and Routing Mandates

This week, the Credit Union National Association (CUNA) released the findings of a new study they commissioned on the effects of the 2010 Durbin Amendment’s debit price controls and routing mandates on banking, small businesses, and the economy. The results show that past interchange regulations are highly detrimental to consumers and small businesses, while small financial institutions were hardest hit, despite promised protections in the bill. CUNA concludes by urging Congress to learn from its past mistake and reject proposed credit card routing legislation (S. 1838/H.R. 3881), stating: “Future credit card regulations should NOT be enacted because they harm both consumers and the banking system—with small, local community financial institutions suffering disproportionately given their much more limited resources.” A copy of the CUNA release can be read below.
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Electronic Payments Coalition |

Doomed to Fail: The Consequences of the Original Durbin Amendment

Since its last minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the original Durbin Amendment has continuously failed consumers. Congress must avoid repeating history and work to stop proposed credit card routing mandates (S. 1838/H.R. 3881). Below is a snapshot of some of the headlines highlighting the broken promises made by retailers about passing savings from routing mandates to consumers.
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Electronic Payments Coalition |

How the Big-Box Bill (S. 1838/H.R. 3881) Undermines Credit Card Security and Innovation

Senator Dick Durbin (D-IL) and his big-box retailer allies are back to their old tricks. This time, they’re trying to pass their disastrous Big Box Bill (S. 1838/H.R. 3881) under the guise that this legislation would increase competition in the payments ecosystem. In reality, their bill would devastate security and innovation within the credit card market. 
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