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Electronic Payments Coalition |

How the Big-Box Bill (S. 1838/H.R. 3881) Undermines Credit Card Security and Innovation

Senator Dick Durbin (D-IL) and his big-box retailer allies are back to their old tricks. This time, they’re trying to pass their disastrous Big Box Bill (S. 1838/H.R. 3881) under the guise that this legislation would increase competition in the payments ecosystem. In reality, their bill would devastate security and innovation within the credit card market. 
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Electronic Payments Coalition |

Competition in the Payments Space: Debunking the Myths about Competition

There is intense competition in payments, facilitated by the rise of e-commerce and new market entrants during the pandemic. The payments market is much broader than traditional players with new entrants that give consumers many options to pay including global brands such as American Express, Discover, JCB, and alternative payment players such as PayPal, Klarna, Afterpay, and Block.
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Electronic Payments Coalition |

Interchange = Access to Credit

Interchange allows financial institutions the ability to provide access to credit, especially in underserved, rural, and low-income communities. Without interchange, many institutions would be forced to stop issuing credit cards altogether or eliminate low-cost banking services. People with less-than-perfect credit or no credit have greater access to secure financial services thanks, in large part, to the funding provided by the current interchange system. Keep reading below to learn more about how interchange = access to credit.
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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 |

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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