Electronic Payments Coalition Executive Chairman Richard Hunt expressed approval following the U.S. Senate's decision to exclude the Durbin-Marshall credit card mandate amendment from the GENIUS Act.
Hunt stated, "The U.S. Senate took an important step to protect the safety and security of America’s payments system by officially excluding the controversial Durbin-Marshall credit card mandate amendment from the GENIUS Act." He further noted that this amendment could have undermined consumer protections and affected both consumers and small businesses by jeopardizing rewards and weakening transaction security.
Hunt acknowledged the Senators who opposed the mandate, saying, "We are especially thankful to the Senators who stood firm against this harmful mandate and prioritized principle over special interests. Their leadership safeguarded the infrastructure that powers our modern economy and preserved a payments system trusted by millions of Americans."
Despite potential ongoing legislative threats, Hunt described this development as a victory for those reliant on secure electronic payments: "While legislative threats to the payments system may continue, today’s outcome marks a meaningful victory for consumers, small businesses, and all who rely on safe, efficient, and innovative electronic payments."
Over recent weeks, opposition to these mandates has increased among community banks and credit unions across all 50 states. Major companies such as Airbus, Boeing, Embraer, RTX Corporation, General Electric Aerospace have joined airlines and labor unions in opposing these mandates. Additionally, a Government Accountability Office report highlighted benefits of accepting card payments for federal savings. A poll by the Taxpayer Protection Alliance indicated significant public trust in the current credit card system.
The coalition believes that investment in new technologies alongside national data security standards will enhance payment systems.