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Electronic Payments Coalition |

The Effect of Interchange Regulation on Credit Card Rewards

Consumers worldwide use credit cards, but due to differences in regulatory requirements, not all have access to the same rewards and benefits as Americans. While those in favor of creating new credit card routing mandates claim that rewards would go on as usual for US consumers, the facts are that no matter the country, when unnecessary regulatory burdens are placed on consumers’ cards, the rewards quickly evaporate. Keep reading below to learn more.
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Electronic Payments Coalition |

Joint Financial Sector Letter Opposing Durbin-Marshall Amendments to NDAA

WASHINGTON, D.C. — Today, ten trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, sent a joint letter to Congressional leaders expressing strong opposition of the so-called “Credit Card Competition Act of 2023” and an impractical, technically-flawed, and unnecessary study proposal (Amendment 177) as amendments to this year’s National Defense Authorization Act (NDAA). The full letter can be found below:
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Credit Union National Association |

CUNA Study Outlines Consumer Harm Caused By Interchange Price Caps and Routing Mandates

This week, the Credit Union National Association (CUNA) released the findings of a new study they commissioned on the effects of the 2010 Durbin Amendment’s debit price controls and routing mandates on banking, small businesses, and the economy. The results show that past interchange regulations are highly detrimental to consumers and small businesses, while small financial institutions were hardest hit, despite promised protections in the bill. CUNA concludes by urging Congress to learn from its past mistake and reject proposed credit card routing legislation (S. 1838/H.R. 3881), stating: “Future credit card regulations should NOT be enacted because they harm both consumers and the banking system—with small, local community financial institutions suffering disproportionately given their much more limited resources.” A copy of the CUNA release can be read below.
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Electronic Payments Coalition |

Doomed to Fail: The Consequences of the Original Durbin Amendment

Since its last minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the original Durbin Amendment has continuously failed consumers. Congress must avoid repeating history and work to stop proposed credit card routing mandates (S. 1838/H.R. 3881). Below is a snapshot of some of the headlines highlighting the broken promises made by retailers about passing savings from routing mandates to consumers.
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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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