Merchants Say Record JPMorgan Chase Profits Show Need to Pass Credit Card Competition Act
Record annual profits reported last week by the nation’s largest credit card issuer are the latest evidence of the need to bring soaring credit card swipe fees under control, the Merchants Payments Coalition said.
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Nearly 2,000 Companies and Almost 300 Trade Associations Call on Congress to Address Credit Card 'Swipe' Fees
Almost 2,000 companies and nearly 300 trade associations called on Congress to pass the Credit Card Competition Act as lawmakers returned to Washington this week, MPC said.
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Merchants Welcome CFPB Director's Concern About Lack of Competition Over Credit Card 'Swipe' Fees
MPC welcomed remarks made by Consumer Financial Protection Bureau Director Rohit Chopra expressing concern about the lack of competition over credit card “swipe” fees.
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Credit Card 'Swipe' Fees Could Cost Consumers $20 Billion During Holiday Season Shopping
Rising swipe fees banks charge merchants to process credit card transactions could cost consumers nearly $20 billion in higher prices – and maybe more – this holiday season, MPC said.
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MPC Backs Durbin Call for Promised Vote on Credit Card Competition Act
MPC joined Senator Richard Durbin, in calling for the Senate to vote on the Credit Card Competition Act, saying "Small businesses and families can’t afford to suffer another day under these outrageous fees.”
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Credit Card 'Swipe' Fees Drive Up Thanksgiving Costs
Rising credit card “swipe” fees will contribute significantly to the cost of celebrating Thanksgiving this year regardless of whether families stay home, eat out or travel, MPC said.
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Rising Visa/Mastercard Fraud Rate Shows Need for Credit Card Competition Act to Protect Consumers
An increase in fraud rates on Visa and Mastercard’s networks shows the need to pass the Credit Card Competition Act to provide merchants with more secure options for routing consumer transactions, MPC said.
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Merchants Say Credit Card Competition Act is Needed to Keep China Out of U.S. Payments
The Credit Card Competition Act is the only legislative proposal that would bar China’s credit card network, China UnionPay, from the U.S. payments market, MPC told Congress in a letter.
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Stunning Visa and Mastercard Profit Margins Prove Credit Card Market is Broken
Soaring profits reported by Visa and Mastercard this week are further evidence the credit card market is broken and not competitive, MPC said.
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Merchants Call Fed Plan to Revise Debit Card Swipe Fee Regulation 'A Step in the Right Direction' But Not Enough
A long-awaited reduction in the “swipe” fees large banks are allowed to charge merchants to process debit card transactions proposed today by the Federal Reserve is welcome but doesn’t go far enough, MPC said.
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