JPMorgan to Add Competing Network to Cards in France Despite Banks’ Opposition to Same in U.S.
JPMorgan Chase’s move to add a competing processing network to Visa and Mastercard credit cards it issues in France shows that the banking industry’s objections to the Credit Card Competition Act “are complete fabrications,” MPC said.
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Consumer and Merchant Groups Urge Congress to Reject Bill Delaying Fed Action on Debit Card Swipe Fees
Nearly 70 national and state organizations representing consumers and merchants called on Congress to reject legislation introduced by Rep. Blaine Luetkemeyer, R-Mo., that would delay the Federal Reserve’s proposal to reduce the regulated rate for debit card swipe fees.
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New Data Shows Banks ‘Triple Dipping’ By Increasing Credit Card Interest, Annual Fees and Swipe Fees
Recent data shows the rise in credit card “swipe” fees that has driven up prices for consumers by billions of dollars over the past decade has come as banks have also dramatically increased annual fees and the money they take from consumers through interest, MPC said.
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Merchants Say Capital One/Discover Deal Shows Need for Credit Card Competition Act
MPC says Capital One’s plans to acquire Discover won’t lead to badly needed competition over credit card “swipe” fees unless the Credit Card Competition Act becomes law.
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Merchants Thank Senators Hawley and Reed For Supporting Small Business and Consumers on Credit Card ‘Swipe’ Fees
MPC welcomed the announcement that Senators Josh Hawley, R-Mo., and Jack Reed, D-R.I., have become cosponsors of the Credit Card Competition Act, saying it "shows that support is growing across the country and across the political spectrum for action that would bring competition to credit card swipe fees."
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Merchants Support Call for Testimony by Visa and Mastercard CEOs at Hearing on Credit Card ‘Swipe’ Fees
MPC welcomed the announcement that Senate Judiciary Committee Chairman Richard Durbin, D-Ill., has invited the CEOs of Visa and Mastercard to testify at a hearing on the lack of competition in the credit card market.
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Credit Card ‘Swipe’ Fees Could Cost Consumers Nearly $578 Million on Valentine’s Day
Rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers almost $578 million in higher prices as they celebrate Valentine’s Day this year, MPC said.
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TV Ad Says Swipe Fees Are ‘Taking a Swipe’ at Consumers
Big banks are “taking a swipe” at consumers with credit card swipe fees that cost the average family over $1,000 a year, according to a new TV commercial unveiled by MPC.
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Merchants Call Credit Card 'Swipe' Fees Biggest Bank Scam
Credit and debit card “swipe” fees are among the issues Congress should examine as lawmakers look into banking scams, MPC said.
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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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