Virginia's banking and credit union representatives have voiced concerns over a new bill that could change how credit card transactions are processed. The Credit Card Competition Act (CCCA), introduced by Senators Dick Durbin of Illinois and Roger Marshall of Kansas, is at the center of this debate.
The Electronic Payments Coalition has initiated a significant advertising campaign against a new Illinois law concerning credit and debit card processing. The coalition's effort comes as the law faces legal challenges in federal court. According to the coalition, the legislation will lead to complications for consumers and businesses in Illinois.
The Electronic Payments Coalition (EPC) has released its 2024 Q3 Data Dashboard, providing insights into current trends in the credit and debit card markets. According to the data, interchange rates, which are part of the fees retailers pay for processing credit cards, have remained stable at under 2% for nearly ten years. This finding challenges claims that processing costs are increasing.
Senator Durbin and supporters of the Durbin-Marshall Credit Card Bill claim their efforts are aimed at assisting small businesses, yet critics argue that their actions suggest otherwise. The Senator has recently highlighted meetings with the Home Depot CEO and is set to receive an award during a tour of Macy's, which is recognized as the largest department store in the country.
The Office of the Comptroller of Currency (OCC) has expressed strong opposition to a new Illinois law concerning credit and debit card transactions. The OCC filed an amicus brief last week, criticizing the Illinois Interchange Fee Prohibition Act as "bad policy and an unlawful interference with federally granted powers." This legislation is scheduled to take effect on July 1, 2025.
Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt has responded to an amicus brief filed by Senator Dick Durbin, which supports a new law in Illinois altering credit card processing methods. In his statement, Hunt criticized the initiative, suggesting that it favors large corporate entities over small businesses.
An amicus brief submitted by the Office of the Comptroller of Currency (OCC) has brought attention to issues in a new Illinois credit and debit card law, which is set to be implemented on July 1, 2025. The OCC argues that the law, which aims to exclude tax and tip from interchange processing costs, primarily benefits large corporate retailers while causing confusion at checkout points with minimal savings for small businesses.
A recent study has highlighted the potential impact of a new Illinois credit card law, indicating that large retailers will benefit significantly, while small businesses may face increased costs. The law, which exempts tax and tip from credit card interchange fees, is projected to result in $118 million in savings. However, 40 of the largest retailers are expected to capture nearly 40 percent of these savings.
Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement on Senator Dick Durbin’s recent legislation targeting American companies and workers who have opposed the Durbin Marshall Credit Card Bill.
The Electronic Payments Coalition (EPC) has issued a response to the recent antitrust suit filed by the U.S. Department of Justice against Visa. The statement, released by EPC Executive Chairman Richard Hunt, criticizes the government's approach towards payment networks.
WASHINGTON, DC—Sen. Roger Marshall (R-Kan.), according to a report in Punchbowl News, recorded an advocacy commercial paid for by the Merchant Payments Coalition, a DC trade group funded by the nation’s largest corporate mega-stores. In the ad, Sen. Marshall repeats the inaccurate claims MPC and other supporters of the Durbin-Marshall Credit Card Bill have made in their lobbying efforts on Capitol Hill.
The Electronic Payments Coalition (EPC) has filed an amicus brief with the U.S. District Court of the Northern District of Illinois, supporting a lawsuit initiated by several banking and credit union associations against a new Illinois law that alters credit and debit card processing in the state.
Richard Hunt, Executive Chairman of the Electronic Payments Coalition (EPC), issued a statement following the release of a study by CMSPI on credit card processing costs. The study, funded by large corporate mega-stores, has been labeled as inaccurate by EPC.
The Electronic Payments Coalition (EPC) has released a three-part video series as part of its “Guard Your Card” campaign. The initiative aims to inform Americans about the potential risks associated with the Durbin-Marshall Credit Card Bill. According to EPC, the proposed legislation could eliminate credit card rewards programs, weaken consumer data security, and reduce access to credit for those who need it most.
The Merchants Payments Coalition (MPC) continues to distort the facts as part of its campaign to influence Congress into passing the Durbin-Marshall Credit Card Bill.
Electronic Payments Coalition Executive Chairman Richard Hunt today criticized the Department of Transportation’s review of airline reward programs, calling it "the latest stop on the Durbin-Marshall Retribution Tour." This review, along with one by the Consumer Financial Protection Bureau, was requested last year by Senators Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.). Hunt alleged that the senators are using these reviews to target industries opposed to their proposed legislation, which places new mandates on Americans’ credit cards.
In a court testimony this week, Kroger’s senior director for pricing admitted the grocery conglomerate hiked prices above and beyond inflation for eggs and milk.
A recent report by the Consumer Financial Protection Bureau (CFPB) has highlighted that three large retail conglomerates—Dollar General, Dollar Tree, and Kroger, which operates Family Dollar, Harris Teeter, Ralph’s, and other businesses—have charged consumers over $90 million annually in fees for cash-back from debit or prepaid card purchases. The report emphasized that many of the customers paying these fees belong to "economically vulnerable populations."