Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement following the release of an opinion regarding the $30 billion settlement reached by Visa, Mastercard, and merchants. The settlement, which benefits primarily small businesses, has faced opposition from larger corporate retailers.

The executive chairman of the Electronic Payments Coalition (EPC) said that a new Consumer Financial Protection Bureau (CFPB) report showing problems with credit card rewards programs is “laughable.”

The Consumer Financial Protection Bureau (CFPB) recently issued a report coinciding with a joint hearing with the Department of Transportation. The report aims to highlight perceived issues with airline and credit card rewards programs. However, Richard Hunt, Executive Chairman of the Electronic Payments Coalition, argues that these problems are nonexistent.

Newly proposed legislation in the Pennsylvania House of Representatives aims to prohibit financial institutions from collecting fees on the sales tax portion of credit and debit card transactions. Critics, including banks and electronic payment companies, argue that it would increase burdens on small businesses without guaranteeing consumer savings. Proponents, led by retailers and merchants, contend that it restores fairness to the state’s tax system and alleviates financial strain on small businesses.

The Electronic Payments Coalition (EPC) has urged the Pennsylvania legislature to reject a bill (H.B. 2394) passed by the House Finance Committee, which aims to change how credit and debit card transactions are processed in the state. The proposed legislation seeks to exempt interchange fees on the sales tax portion of transactions. Interchange fees are paid for transmitting payments over card payment networks.

The Electronic Payments Coalition (EPC) has raised concerns about newly introduced legislation in the Pennsylvania House of Representatives, warning that it could make the state an outlier in its treatment of electronic payments. The measure, H.B. 2394, aims to prohibit financial institutions from collecting interchange fees on the sales tax portion of credit and debit card transactions. Interchange fees are the costs merchants pay for transmitting payments electronically.

Lawmakers and industry stakeholders have voiced varied opinions regarding the Durbin-Marshall Credit Card Bill, which seeks to reform the credit card industry.

On June 7, 2024, it was stated, "We believe investing in new technologies and legislating national data security standards will create a stronger payment system."

The article "MPC: Where The Facts Don’t Matter – Part 3" was published on June 7, 2024. It discusses the importance of investing in new technologies and legislating national data security standards to create a stronger payment system.

State Republican and Democratic leaders recently authored op-eds agreeing that the Durbin-Marshall Credit Card Bill harms consumers, undermines local economies, and jeopardizes state governments reliant on credit card benefits.

MPC's recent tweet has sparked controversy by placing blame on credit card companies for rising costs, a claim that appears to overlook significant data. According to the Nilson Report, the weighted average of credit, debit, and prepaid card processing fees has remained relatively stable over the past decade, with figures showing 1.51% in 2014 and 1.53% in 2023.

This morning, the Senate Banking Committee’s Economic Policy Subcommittee will examine the practices of corporate mega-stores, such as grocery conglomerates Walmart and Target, during the pandemic. The focus is on how these companies increased prices for American consumers.

An official with the Electronic Payments Coalition said that pending federal legislation governing interchange rates on credit cards, similar to those mandated in Europe nearly a decade ago, may have an unintended side effect: Less availability for credit and more consumer fees.

Leaders from the conservative movement have expressed their opposition to the Durbin-Marshall Credit Card Bill, following a joint hearing last Thursday by the Consumer Financial Protection Bureau (CFPB) and Department of Transportation on credit card and airline rewards programs. Senators Roger Marshall and Dick Durbin are accused of using the Biden Administration against American companies that oppose their proposed government mandates on credit cards.

A new report by the Electronic Payments Coalition highlights the the importance of credit card rewards for lower-income households in the United States.

Electronic Payments Coalition Executive Chair Richard Hunt issued a statement on the value of credit card rewards following a joint hearing held by the Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT). The hearing, requested by Senators Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), focused on credit card and airline reward programs.

American Banker recently published an op-ed by American Bankers Association’s (ABA) Rob Nichols, America’s Credit Unions’ Jim Nussle, and Independent Community Bankers of America’s (ICBA) Rebeca Romero Rainey on the harm of the proposed Durbin-Marshall Credit Card Bill. The trade association leaders warn of negative consequences for consumers, community banks, and credit unions if Congress enacts proposed routing mandates on credit cards, urging lawmakers to prioritize consumer interests over corporate mega-stores looking to increase their bottom lines. Together, ABA,...

A new report released by the Electronic Payments Coalition sheds light on how American consumers, particularly those in lower-income households, utilize credit card rewards and the potential impact of proposed restrictions on these programs. The study found that regardless of income, cardholders across the spectrum take advantage of credit card reward programs at nearly identical rates.Richard Hunt, Executive Chairman of the Electronic Payments Coalition, emphasized the importance of cashback rewards for financially vulnerable households, stating, "Americans of all...

On May 2, 2024, Americans across the country expressed their concerns about the Durbin-Marshall Credit Card Bill. One individual stated, "Americans across the country are speaking out against harmful credit card routing legislation." The sentiment reflects a widespread unease among citizens regarding the proposed legislation.In response to the bill, another voice in the debate emphasized the importance of technological advancement and national data security standards. The individual asserted, "We believe investing in new technologies and legislating national data security...

The Electronic Payments Coalition recently released a report highlighting the significance of credit card rewards for American consumers, particularly those in lower-income households. According to the study, credit card reward programs play a crucial role in helping individuals across all income levels manage their finances.EPC Executive Chairman Richard Hunt emphasized the importance of cashback rewards for financially vulnerable households, stating, "Americans of all incomes take advantage of credit card reward programs but the most financially vulnerable households...