The Senate Judiciary Committee recently concluded a hearing concerning the Durbin-Marshall Credit Card Bill, which has sparked significant controversy. Richard Hunt, Executive Chairman of the Electronic Payments Coalition, criticized the hearing for being "blatantly biased and one-sided." Hunt argued that credit and debit cards have been instrumental in driving over $90 trillion in economic activity since 2006 and emphasized their importance for secure and convenient transactions.

Hunt also pointed out that the hearing neglected small businesses opposing new payment system mandates and blocked community banks from voicing concerns. He suggested that if Senators Durbin and Marshall aimed to protect consumers and small businesses, they should question corporate mega-stores about their failure to lower prices after previous legislation capped debit card fees.

According to Hunt, credit card service fees have remained stable for nearly a decade unless linked to increased sales. A Congressional Research Service report found the Durbin-Marshall bill unlikely to reduce consumer prices or benefit small businesses. Additionally, a Richmond Federal Reserve report indicated most retailers either maintained or raised prices following the original Durbin amendment on debit cards.

Testimonies from some senators claimed credit card services increase consumer costs. However, Kroger's executive admitted price hikes exceeded inflation rates, with an FTC report noting "retailer revenues exceeded cost increases."

A study by Indraneel Chakraborty at the University of Miami highlighted potential disadvantages for small retailers under the proposed mandates, estimating a negative $1 billion impact on true small businesses.

Supporters of the bill referenced European interchange rate caps as beneficial; however, data showed European cardholders face higher fees compared to U.S. users. In Europe, less than half of adults access credit through cards versus over 80% in the U.S., where options are more varied despite government mandates reducing them by 14% between 2014 and 2018.

Lastly, EPC research indicated reward programs offer significant financial benefits across all income levels in America, with low to moderate-income earners gaining proportionally more from rewards relative to their income.

Hunt concluded by advocating for investments in technology and national data security standards as means to enhance payment systems.