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Electronic Payments Coalition |

Study: Economic Impact of Credit Card Competition Act on U.S. Travel and Tourism

WASHINGTON, DC – New data by leading global economic forecaster Oxford Economics Research shows that the Durbin-Marshall credit card bill introduced in 2023 could create an economic slowdown for the U.S. costing $227 billion in lost economic activity and approximately 156,000 lost jobs. The impact to cities and states reliant on tourism could be catastrophic, causing top U.S. destination markets to suffer substantial consumer spending and job losses, putting local economies at risk of another downturn in the wake of the COVID pandemic. The full study is copied below.
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Electronic Payments Coalition |

Let’s Talk About Inflation

Supporters of the Durbin-Marshall Credit Card Bill’s new mandates have consistently tried to blame credit card processing costs for driving up inflation. However, this claim fails to align with the facts as credit card interchange rates have remained virtually flat for nearly a decade. Copied below is the latest EPC one-pager setting the record straight about how corporate mega-stores continue to raise prices on everyday goods while the average credit card interchange rate has remained at 1.8%.
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Electronic Payments Coalition |

Federal Banking Regulator Opposes State Interchange Bills, Calls Illinois Law “Ill-Conceived”

The Office of the Comptroller of Currency (OCC) filed a scathing amicus brief highlighting the glaring flaws in a new credit and debit card law set to take effect on July 1, 2025. The OCC called the law “bad policy and an unlawful interference with federally granted powers.” “The OCC said it best, the new Illinois law is ‘ill-conceived, highly unusual and largely unworkable’ and would lead to ‘higher fees, reduced services, and weakened fraud protection,’” said Richard Hunt, Executive Chairman of the Electronic Payments Coalition.
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Electronic Payments Coalition |

Office of the Comptroller of the Currency Amicus Brief Opposing Illinois Credit Card Law

In a court filing late on October 2nd, the Office of the Comptroller of the Currency (OCC) blasted the first-of-its kind Illinois law as an “ill-conceived, highly unusual, and largely unworkable state law that threatens to fragment and disrupt” the nation’s banking system. The OCC urged the judge to stop the Illinois law, arguing that the state’s new restrictions on interchange fees are preempted by federal banking laws.
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