The Electronic Payments Coalition (EPC) has expressed approval following the conclusion of the 118th Congress's legislative session, during which the Durbin-Marshall Credit Card Bill was not advanced. EPC Executive Chairman Richard Hunt released a statement on this development.

"EPC applauds Congress for repudiating the experimental, draconian Durbin-Marshall Credit Card Bill—a proposal that would undermine the security, rewards, and convenience of Americans’ credit cards," said Hunt. He criticized the bill as an attempt at a government takeover of credit cards that would benefit corporate mega-stores at the cost of data security and fraud protections.

Hunt further accused Senators Dick Durbin and Roger Marshall of employing aggressive political tactics to promote their bill. "Sens. Durbin and Marshall resorted to every typical Chicago-style political tactic this session," he stated, mentioning actions such as using the Consumer Financial Protection Bureau against opponents and organizing a biased hearing for their proposal.

According to Hunt, credit cards are crucial for economic growth by facilitating secure transactions for both businesses and consumers. They are particularly important for small businesses as they offer a means to accept payments and provide short-term capital that can be reinvested into operations.

Studies cited by Hunt suggest that the proposed mandates in the bill would not achieve promised benefits. The Congressional Research Service indicated it was unlikely consumers would see reduced costs or small businesses experience significant savings from these changes. Instead, there were warnings about potential increases in fraud incidents if the bill became law.

The Durbin-Marshall Credit Card Bill proposed new requirements on American credit cards that could lead to running them on untested networks. This could expose consumers and small businesses to increased fraud risks and threaten credit card rewards programs relied upon by many households.

Hunt emphasized investing in technology and establishing national data security standards as more effective ways to strengthen payment systems.