When Congress enforced price caps and routing mandates on debit cards almost 15 years ago, it was touted as a measure to save consumers billions through lower prices.
However, subsequent independent and government reports have unequivocally shown that consumers have not benefited financially, while corporate giants, like Walmart and Target, have reaped billions in additional revenue. Additional research shows that expanding the Durbin amendment to credit cards would deliver the same disappointment for consumers as the original.
The facts are clear: proposed mandates under the Durbin-Marshall bill would deprive consumers of essential credit card benefits such as cash back, fraud protection, and credit access.
Why should consumers forfeit their advantages so corporate megastores like Walmart and Target can further swell their profits? They shouldn’t. Congress must stand against the Durbin-Marshall Credit Card Bill.
A new EPC one-pager copied below highlights private and government reports outlining the legislation’s pitfalls.