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Electronic Payments Coalition |

A Capitol Hill Staffer Guide to Meeting with the National Restaurant Association

This week, as Capitol Hill staff meet with representatives and members from the National Restaurant Association, they will likely hear certain arguments about credit card interchange fees and the falsely-named, “Credit Card Competition Act”, which is anything but. Below are fact-checks that set the record straight about the harm caused by credit card routing mandates. 
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Small Business and Entrepreneurship Council |

Small Business & Entrepreneurship Council: The Big-Box Bill (S. 1838/H.R. 3881) is Bad for Small Businesses

The Small Business and Entrepreneurship Council (SBE Council) strongly opposes harmful credit card routing legislation introduced this year in the Senate (S. 1838) and the House (H.R. 3881). This “Big-Box Bill” is being pushed by mega-retailers like Walmart and Target so that they can increase their bottom line at the expense of small businesses and entrepreneurs. If enacted, credit card routing mandates would be burdensome for small businesses. The mandates would drive billions of dollars from the credit market and force financial institutions to reduce crucial lending to entrepreneurs and their businesses in need. Check out SBE Council’s explainer below that highlights how credit card routing mandates would strip small businesses of valuable services, like fraud prevention, that they rely on to protect their business and customers.
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Electronic Payments Coalition |

Defense Credit Union Council Joins Financial Services Coalition In Sending Joint Letter to House Leaders Opposing Harmful Credit Card Routing Legislation

WASHINGTON, DC – Today, the Defense Credit Union Council joined ten other trade associations representing the entire financial services industry including the American Bankers Association, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Sized Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association in sending a joint letter to House leaders opposing legislation (H.R. 3881) by Representatives Lance Gooden (R-TX) and Zoe Lofgren (D-CA) creating new credit card routing mandates that would eliminate funding for popular credit card rewards programs, weaken cybersecurity protections, and reduce access to credit for those who need it the most. The full letter to House leadership is copied below.
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Electronic Payments Coalition |

Financial Services Coalition Sends Joint Letter to Senate Leaders Opposing Harmful Credit Card Routing Legislation

WASHINGTON, DC – Ten trade associations representing the financial services industry including the American Bankers Association, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Sized Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association, sent a joint letter to Senate leaders opposing legislation (S.1838) by Senator Roger Marshall (R-KS) and Senator Dick Durbin (D-IL) creating new credit card routing mandates that would eliminate funding for popular credit cards rewards programs, weaken cybersecurity protections, and reduce access to credit for those who need it the most.
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Electronic Payments Coalition |

Myth vs. Fact: Correcting the NYT Op-ed on Credit Card Rewards

On March 4, 2023, The New York Times published an op-ed attacking rewards credit cards, entitled “The Dirty Little Secret of Credit Card Rewards Programs.” The op-ed makes several misleading claims about credit card rewards, which are consistently repeated by merchant and retail special interest groups that are funded by mega-retailers like Walmart and Target. These claims have been addressed below.
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Electronic Payments Coalition |

A Message to New Members of the 118th Congress: Electronic Payments Have Never Been More Valuable to America’s Economy

Electronic payments are the cornerstone of America’s economy. They empower consumers, strengthen small businesses, and uphold financial infrastructure. As America’s credit unions, community banks, payment networks, FinTechs, and financial institutions, the Electronic Payments Coalition (EPC) supports the backbone of our economic system—electronic payments—and defends it against threats. As you enter the 118th United States Congress, here’s what you need to know about electronic payments, and what they mean to the American economy: The Value of Electronic Payments The electronic payments system is tremendously valuable to small businesses, financial institutions, and consumers alike. Here’s how: Electronic payments… Bolster Consumer Spending: Consumer spending, which has long been the most important factor in U.S. economic growth, continues to be fueled by the innovation of electronic payments. Even during the COVD-19 outbreak, electronic payments allowed small businesses to pivot to online sales, curbside pick-up, and in-store self-checkout. Protect Consumers’ Data: Payment networks have been at the forefront of consumer data security for years. Following the industry-led transition to EMV chip cards in 2015, U.S. counterfeit card fraud fell by nearly half. Additionally, value lost to counterfeit fraud in the U.S. fell by 46% from 2016 to 2021. As consumer shopping habits continue to shift
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American Banker |

Op-ed: The Credit Card Competition Act Will Harm Military Families

By Major General Stephen J. Lepper, USAF (retired) – President & CEO, American Military Banks of America & Colonel Anthony R. Hernandez, USAF (retired) – President & CEO, Defense Credit Union Council Published in American Banker on December 21, 2022 The lame-duck Senate recently considered and rejected an amendment to the 2023 National Defense Authorization Act that could have inflicted unintended financial harm on our nation’s military families. That amendment is the Credit Card Competition Act of 2022. Why was it an amendment to the NDAA?  Because its sponsors, Sens. Dick Durbin and Roger Marshall, know the only way their proposal will become law is if it’s attached to the only legislation that must pass before the end of this Congress. Since it didn’t pass as part of the NDAA, its sponsors are now looking for other “must-pass” legislation. Last-minute funding bills — continuing resolutions or omnibus appropriations bills — will be their most likely targets. Americans generally, and military families in particular, should be concerned about this proposal because it’s a wolf in sheep’s clothing. Beneath its promise to lower consumer costs by increasing competition among credit card payment networks lies the significant risk that not only will Americans
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ICLE |

Credit Cards and the Reverse Robin Hood Fallacy: Do Credit Card Rewards Really Steal from the Poor and Give to the Rich?

Recently, the International Center for Law and Economics (ICLE) published a study analyzing the credit card market and the “Reverse Robin Hood” fallacy—the erroneous belief that credit card rewards programs steal from the poor to benefit the rich. The study authors debunk this idea, concluding that addressing the concern by capping credit card interchange would “create far more risk of harm than good.” The full study can be found below.
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