AFSA’s State Government Affairs team has submitted a comment letter to Missouri Secretary of State Dennis Hoskins regarding four proposed ballot initiative petitions. The initiatives, identified as 2026-128, 2026-130, 2026-131, and 2026-132, seek to cap electronic transaction fees at 1.5%.
According to AFSA, similar measures have previously resulted in negative outcomes for consumers. The organization referenced the Durbin Amendment of 2010 as an example where capping debit card fees led to significant financial gains for large retailers but negatively impacted consumers and small businesses.
AFSA also noted that this policy approach has been rejected by more than 30 state legislatures across the country. Illinois is cited as the only exception where such a cap was implemented, which has since resulted in ongoing litigation and unintended consequences.
The association emphasized the need for thorough review of these proposals due to potential risks such as creating a fragmented payment system and increasing fraud risk. "AFSA urges a careful review of the proposition and the effect it can have on consumers, noting that it could create a fractured payment system, increase fraud risks, and ultimately harm consumers, businesses, and the broader economy."
The comment letter is available alongside other SGA letters on AFSA’s website in its direct advocacy section.