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Electronic Payments Coalition |

EPC Explainer: Why Congress Should Oppose the Big-Box Bill (the Credit Card Competition Act)

The EPC has created an explainer handout that includes a general summary of the Big-Box Bill (the Credit Card Competition Act) and its negative impact on consumers, small businesses, and financial institutions. This legislation would allow big-box retailers–like Walmart and Target–to process credit card transactions based solely on what is cheapest for them without regard to the value that consumers derive from rewards and many other benefits. This would add billions of dollars to the bottom lines of mega-retailers every year while eliminating almost all the funding that goes towards popular credit cards rewards programs, weaking cybersecurity protections, and reducing access to credit. Keep reading below to learn more.
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Electronic Payments Coalition |

Why the ‘Big-Box Bill’ Failed in the 117th Congress

On June 7th, 2023, Senators Dick Durbin (D-IL), Roger Marshall (R-KS), J.D. Vance (R-OH), and Peter Welch (D-VT) reintroduced legislation that would create new credit card routing mandates allowing big-box retailers to rake in billions of dollars in extra revenue at the expense of consumers, small businesses, and small financial institutions. Despite vigorous lobbying from big-box retailers and their allies, this legislation was deeply unpopular when it was first introduced in 2022—among both Democrats and Republicans. This “Big-Box Bill” would hurt consumers by increasing costs, weakening payment security, harming small financial institutions, reducing access to credit for those who need it the most, and ending popular credit card rewards programs. “This bill is nothing but a classic bait-and-switch from big-box retailers. Despite aggressive lobbying efforts from Walmart, Target, Kroger, and others, this bill saw no meaningful activity in either the Senate or the House when it was previously introduced last year. Legislators see this bill for what it is: a handout for the big-box stores at the expense of consumers, small businesses, and small financial institutions.” ­– Aaron Stetter, Executive Director of the Electronic Payments Coalition A one-pager explaining why the big-box bill failed in 2022 can be found copied
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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 |

Why The So-Called Credit Card Competition Act of 2022 Failed

Despite vigorous lobbying from the merchant community and their allies, the falsely named Credit Card Competition Act of 2022 was deeply unpopular legislation—among both Democrats and Republicans. This legislation would have hurt consumers by increasing costs, weakening payment security, harming small financial institutions, reducing access to credit for those who need it the most, and ending popular credit card rewards programs.
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Electronic Payments Coalition |

EPC Q4 2022 Data Dashboard

Today, the Electronic Payments Coalition (EPC) released its 2022 Q4 Data Dashboard, providing a quarterly update on various data related to the credit and debit card system, including interchange and merchant discount rates, holiday spending, and consumer stress. This quarter’s Dashboard features the increase in Card-Not-Present (CNP) fraud alongside the growing popularity of electronic payments, especially amid the height of the COVID-19 pandemic. 
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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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