Electronic Payments Coalition Executive Chairman Richard Hunt has issued a statement in response to Senator Roger Marshall's (R-KS) introduction of the Durbin-Marshall Credit Card Mandates as an amendment to the GENIUS Act. Hunt criticized the amendment, describing it as a "poison pill" that could jeopardize the bipartisan bill.
Hunt emphasized the competitiveness of the U.S. payment system, noting that Americans have various options for transactions, including cash, credit cards, debit cards, checks, ACH, BNPL, P2P, and cryptocurrencies. He stated that consumers and small businesses prefer credit cards due to their security and convenience.
He accused trade groups supported by large retailers of undermining crypto legislation by pushing for the inclusion of the Durbin-Marshall mandates in the GENIUS Act. According to Hunt, these mandates are detrimental and could potentially derail the act.
Hunt argued that these government mandates would limit consumer choice and negatively impact Main Street businesses while increasing costs for community banks and credit unions. He also warned about potential economic repercussions amounting to nearly a quarter trillion dollars.
Citing similar mandates implemented in the EU with negative outcomes such as higher consumer fees and restricted bank services, Hunt expressed strong opposition from diverse organizations including labor unions, small business owners, financial institutions like credit unions and community banks, policy institutes, trade associations, think tanks, and airlines.
House Financial Services Committee Chairman French Hill (R-Ark.) has publicly stated that the Durbin-Marshall Credit Card Bill will not progress in the House. He noted opposition to attaching this bill—which lacks hearings or amendments—to larger legislation.
Hunt concluded by advocating for investment in new technologies and national data security standards to strengthen the payment system.