House Financial Services Chair opposes Durbin-Marshall mandates

Electronic Payments Coalition Executive Chairman Richard Hunt has voiced support for the new House Financial Services Committee Chair, French Hill, regarding his opposition to the Durbin-Marshall credit card mandates. Hill's stance suggests that the proposal may face significant hurdles in advancing through Congress.

Hunt described the mandates as "job killers" and a potential "government takeover of Americans’ credit cards." He believes that Hill's recent comments indicate that the proposal is unlikely to progress in either the House of Representatives or the Senate.

According to Hunt, credit card processing rates have remained stable over the past decade while retail sales have increased significantly. Credit cards, he argues, are crucial for facilitating commerce and safeguarding consumers and small businesses against fraud and theft. This view is supported by a statement from the Office of the Comptroller of the Currency, which highlighted that "credit and debit card transactions help to propel the Nation’s economy" and emphasized that processing costs are essential for banks to manage fraud protection, transaction processing expenses, and other consumer services.

The coalition advocates for investment in new technologies and legislation focused on national data security standards as a means to strengthen the payment system.