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EPC STATEMENT: WASHINGTON – Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued the following statement regarding the impact the interchange lawsuit agreement between U.S. merchants, Visa, Mastercard and other financial institutions has on the Durbin-Marshall credit card legislation: The agreement between merchants, Visa, Mastercard and financial institutions has been decades in the making and treats businesses of all sizes equally without government mandates or jeopardizing consumers’ data security and rewards programs. Merchants will also receive a host of other technical benefits that could have never been reached with legislation drafted by individuals who simply do not understand the intricacies of our global payment networks. The Durbin-Marshall bill has had no debate, no legitimate hearing and continues to be unnecessary. Ultimately, the agreement helps small businesses more than a haphazard, experimental piece of legislation that only benefits the largest corporate mega-stores ever would. Congress should put an end to the ill-advised Durbin-Marshall mandates and let the agreement merchants reached stand on its own.” VISA STATEMENT: SAN FRANCISCO–(BUSINESS WIRE)–Mar. 26, 2024– After nearly 20 years of litigation, Visa (NYSE: V) today announced it has agreed to a landmark settlement with U.S. merchants, more than 90 percent of which are small businesses, lowering credit interchange rates and capping those rates into 2030.

A new EPC one-pager highlights the data outlining the legislation's pitfalls and how mega-stores continue taking more money out of consumers' pockets without any financial return.