Electronic Payments Coalition | July 14, 2023 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: More
Credit Union National Association | July 13, 2023 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. More
Electronic Payments Coalition | July 5, 2023 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. More
Electronic Payments Coalition | June 27, 2023 Merchant Groups And Their Allies How Does Anyone Trust Them? Senator Dick Durbin and his merchant and retail allies made some big promises when they proposed debit card interchange regulations back in 2010. Turns out, none of those promises were true. Small financial institutions lost billions of dollars in funding, and more than one million Americans lost access to vital banking services. More
Electronic Payments Coalition | June 22, 2023 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. More
Electronic Payments Coalition | June 22, 2023 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. More
Electronic Payments Coalition | June 20, 2023 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. More
Electronic Payments Coalition | June 19, 2023 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. More
Small Business and Entrepreneurship Council | June 19, 2023 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. More
February 14, 2025 BREAKING: New House Financial Services Chair STILL OPPOSES Durbin-Marshall Government Mandates EPC Read Press Releases / Statements
February 4, 2025 EPC Statement – Government Credit Card Mandates Hurt Most Vulnerable Populations EPC Read Press Releases / Statements