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.
"They might say this is about small businesses," Hunt stated, "but in reality Senator Durbin and his allies are on a fanatical crusade to help the largest corporate mega-stores – who also happen to be among their largest campaign donors. They have weaponized the federal government against American companies and now Senator Durbin is turning to the courts."
Hunt expressed concerns about the legality of the Illinois law, echoing sentiments from a federal banking regulator who described it as "ill-conceived, highly unusual and largely unworkable." He warned that for small businesses, this legislation could disrupt payment systems nationwide. Additionally, he noted potential consequences for consumers such as increased fraud risks and higher fees.
The EPC advocates for investment in new technologies and national data security standards as means to strengthen the payment system.