Merchants Urge NCUA to Withdraw Flawed Rule Blocking Illinois Swipe Fee Law
MPC urged the National Credit Union Administration to withdraw a rule aimed at blocking Illinois’ ban on swipe fees on sales tax and tips, saying the rule is flawed and will drive up prices in Illinois.
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Merchants Warn OCC/NCUA Price-Fixing Endorsement Could Send Bank and Credit Union Fees ‘Soaring’
Financial institutions will be allowed to price-fix a wide range of fees charged to consumers and small businesses under a pair of rules issued by the Office of the Comptroller of the Currency and the National Credit Union Administration that took effect this week, MPC said.
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Merchants Tell Congress Innovations in Payments ‘Will be Stifled’ if Visa, Mastercard and Banks Still Dominate
MPC welcomed a hearing on innovation in the payments market being held by the House Financial Services Committee, but said innovation will not succeed if Visa, Mastercard and major banks are allowed to continue to dominate the market without competition.
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New Poll Shows 75% of Voters Want Congress to Reduce Credit Card Swipe Fees
A comprehensive new poll released by MPC shows that the vast majority of Americans understand the high price of credit card swipe fees and want Congress to do something about it.
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Preliminary Court Ruling on Visa/Mastercard Swipe Fees is Bad Deal for Merchants and Consumers
MPC expressed disappointment with a federal judge’s preliminary approval of a proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees, saying the settlement still fails to provide adequate relief.
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Merchants Disappointed by Veto of Colorado Bill to Ban Swipe Fees on Sales Tax
MPC expressed deep disappointment today after Colorado Gov. Jared Polis vetoed legislation that would have banned credit and debit card swipe fees on sales tax and was poised to deliver significant savings for small businesses and consumers across the state.
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Merchants Say Judge’s Ruling on Illinois Swipe Fee Law is ‘Based on a Technicality’ and OCC Rule Will be Overturned
MPC said a federal judge’s ruling against Illinois’ ban on swipe fees on sales tax and tips is not the last word in the case and that the law is expected to eventually be upheld.
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Swipe Fee Law Delay Will Cost Illinois Consumers and Businesses $500 Million
MPC blamed bank “scare tactics” for Illinois delaying its ban on swipe fees on sales tax and tips and said the delay is estimated to elevate costs in Illinois by $500 million over the next year above what they would have been.
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Merchants Call on OCC to Drop Swipe Fee Rule, Saying Price-Fixing Impact Could Go ‘Far Beyond’ Credit Cards
MPC urged the Office of the Comptroller of the Currency to withdraw a pending rule intended to block state laws on credit card swipe fees, saying the measure endorses price-fixing that could drive up a wide range of fees banks charge both merchants and consumers.
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Merchants Oppose Letting Banks Increase Debit Card Swipe Fees as Consumers Face Affordability Challenges
MPC and member trade associations today urged the Senate Banking Committee to reject a proposal that would allow dozens of large banks to increase the fees they charge merchants to process debit card transactions, saying the move would mean higher prices for consumers.
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