Electronic Payments Coalition Executive Chairman Richard Hunt has criticized Senate Judiciary Chairman Dick Durbin for holding a hearing he describes as politically motivated. Hunt claims the hearing is part of what he calls the "Durbin-Marshall Retribution Tour," aimed at imposing new mandates on credit cards.

Hunt argues that if Senators Durbin and Marshall were genuinely concerned about consumer protection, they would question large retailers about their failure to pass savings from previous debit card legislation onto consumers. He describes the hearing as an attempt to fulfill promises to major donors.

"The facts are clear. These proposed credit card mandates will harm consumers, harm small businesses, and hurt local financial institutions that communities across the country rely on," said Hunt.

A recent report by the Congressional Research Service suggests uncertainty over whether retailers would transfer interchange savings to consumers. It also notes that small businesses might not benefit from smaller networks and could face increased fraud risks.

Research from the University of Miami indicates that small businesses could be at a competitive disadvantage if the Durbin-Marshall Credit Card Bill becomes law. Community banks and credit unions nationwide have expressed opposition to this bill.

The Electronic Payments Coalition advocates for investing in new technologies and establishing national data security standards to strengthen the payment system.