Merchants Still Pushing for Credit Card ‘Swipe’ Fee Reform Following Surge of Support During Stablecoin Debate
MPC said members will continue to push for passage of the Credit Card Competition Act following a significant boost in momentum gained during Senate consideration of the GENIUS Act stablecoin bill.
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Merchants Say Endorsement by Unions Shows ‘People Who Work for a Living’ Want Credit Card Swipe Fee Reform
MPC welcomed the endorsement of the Credit Card Competition Act by four of the nation’s largest unions – the International Brotherhood of Teamsters, the Retail, Wholesale, Department Store Union, the Service Employees International Union and the United Food & Commercial Workers International Union.
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Nation’s Largest Native American Tribes Endorse Credit Card Competition Act Saying Credit Card Swipe Fees ‘Literally Keep Food Out of Reach’
MPC welcomed a letter from the nation’s largest Native American tribes asking Congress to make the Credit Card Competition Act part of the GENIUS Act in order to hold down rising costs for tribal members.
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Merchants Welcome Move to Attach Credit Card ‘Swipe’ Fee Bill to Stablecoin Legislation Set for Vote in Senate
MPC welcomed a move toward a Senate vote on the Credit Card Competition Act amid growing support of efforts to reduce “swipe” fees that drive up costs for small businesses and prices for consumers by billions of dollars a year.
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Merchants Call for Consideration, Passage of the GENIUS Act
MPC encouraged prompt Senate floor consideration, debate and bipartisan passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, saying time is of the essence to establish a clear and comprehensive regulatory framework for stablecoin payments. Enactment of the GENIUS Act would be part of an important set of reforms to advance competition in domestic payment innovation, MPC said.
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Merchants Say Credit Card Competition Act Will Still Be Needed Following Capital One/Discover Merger
MPC said passage of the Credit Card Competition Act is still needed to bring competition to billions of dollars in soaring credit card “swipe” fees despite regulatory approval of Capital One’s plans to acquire Discover.
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Credit Card Companies Will Make Twice as Much on Easter Eggs as ‘Swipe’ Fees Cost Consumers Over $550 Million
Big banks and credit card networks will make twice as much on a dozen Easter eggs this year as the rising “swipe” fees they charge merchants to process transactions cost families celebrating the holiday more than $550 million, MPC said.
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Credit and Debit Card ‘Swipe’ Fees Hit New Record of $187.2 Billion, Driving Up Prices for American Families
Led by Visa and Mastercard once again, credit and debit card “swipe” fees reached another new record – $187.2 billion – last year, driving up consumer prices and further showing the need for Congress to pass the Credit Card Competition Act, MPC said.
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Hotel Owners Call Credit Card Swipe Fees ‘Worse Than What OPEC Does’
The Asian American Hotel Owners Association, a leading member of the Merchants Payments Coalition, is calling on Congress to pass the Credit Card Competition Act to bring down credit card “swipe” fees that drive up consumer prices.
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