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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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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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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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