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The Electronic Payments Coalition (EPC) issued a new document examining the negative effects the credit card mandates, similar to those imposed in Europe, would have on American consumers and the nation’s economy.

While special interest groups for corporate mega-stores are trying to mislead Congress into believing that payment networks like Visa and Mastercard are at fault, the truth can be found in the double-digit price increases on everyday goods and services.

EPC's latest explainer highlights how Durbin 2.0 would result in consumers losing access to credit cards while retailers like Walmart, Target, and Home Depot would get a big-government windfall.

Although the Durbin Amendment supposedly “exempted” community banks and credit unions, data from the Federal Reserve clearly show that, following the amendment’s passage, interchange revenue fell for these entities in real terms. The same thing will happen if proposed credit card routing mandates are enacted into law. Check out EPC’s latest explainer highlighting how small financial institutions lose big under the Durbin Amendment and credit card routing mandates.

Megaretailers like Walmart, Target and Home Depot are working to convince their allies in Congress to pass legislation amounting to little more than corporate welfare paid for by consumers. These Main Street job killing corporations want to impose new government mandates on how retailers process credit cards and while that might seem innocuous enough, it means the data and fraud protection you expect; rewards you use to pay for everyday items like gas and groceries; and convenience you have come to expect when using a credit card would all go away. Of course they aren’t telling you this, but here are the facts…