Credit Unions Today: Credit Card ‘Swipe’ Fees Could Cost Consumers $683 Million On Valentine’s Day
Credit card swipe fees that President Donald Trump calls the “out of control Swipe Fee ripoff” could cost consumers more than $683 million in higher prices this Valentine’s Day, the Merchants Payments Coalition said. “For restaurants, swipe fees are anything but a love story,” MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said. “On one of the year’s biggest dining holidays, these excessive fees raise costs for restaurant operators and for every couple trying to enjoy a special night out. It’s time for Congress to show some love to small businesses and their guests by passing the Credit Card Competition Act.”
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CPA Practice Advisor: Credit Card ‘Swipe’ Fees Could Cost Consumers $683 Million on Valentine’s Day
Credit card swipe fees could cost consumers more than $683 million in higher prices this Valentine’s Day, the Merchants Payments Coalition said today. “For restaurants, swipe fees are anything but a love story,” MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said. “On one of the year’s biggest dining holidays, these excessive fees raise costs for restaurant operators and for every couple trying to enjoy a special night out. It’s time for Congress to show some love to small businesses and their guests by passing the Credit Card Competition Act.”
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MPC Hill Blast: Competition Would Help Community Banks, Credit Unions
Community banks and credit unions compete well against the big banks every day. Unfortunately, Visa and Mastercard block competition on merchant fees and services on credit cards. That is not good for community banks and credit unions. The Credit Card Competition Act would help.
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Credit Card ‘Swipe’ Fees Could Cost Consumers $683 Million on Valentine’s Day
Credit card swipe fees that President Donald Trump calls the “out of control Swipe Fee ripoff” could cost consumers more than $683 million in higher prices this Valentine’s Day, MPC said.
READ MORE +MPC Hill Blast: Wall Street: Wrong Again
The track record is almost uncanny, but the giant Wall Street banks are notorious for saying one thing and then doing another. The latest example — debit card rewards.
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Hardware Retailing: Valentine’s Day Shoppers Face $683 Million in Credit Card Swipe Fees
Credit card swipe fees could cost consumers over $683 million in higher prices this Valentine’s Day, according to The Merchants Payment Coalition. “For restaurants, swipe fees are anything but a love story,” says MPC executive committee member and National Restaurant Association director of technology and innovation policy Brennan Duckett. “On one of the year’s biggest dining holidays, these excessive fees raise costs for restaurant operators and for every couple trying to enjoy a special night out. It’s time for Congress to show some love to small businesses and their guests by passing the Credit Card Competition Act.”
READ MORE +MPC Hill Blast: Broad, Overwhelming Support for the Credit Card Competition Act
Support for the Credit Card Competition Act, which would create some much-needed competition for credit card companies where none exists today, is incredibly broad and deep.
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Digital Transactions: It’s CCCA Times Two As Congress Drops an Attachment Effort
The aim of amending the CCCA was to avoid the prospect that members of the Agriculture Committee, which is debating the Digital Asset Market Structure and Investor Protection Act, would argue the CCCA should fall under the purview of the Senate Banking Committee, which has debated prior versions of the CCCA, says Doug Kantor, an executive committee member at the Merchants Payment Council and general counsel for the National Association of Convenience Stores. “[CCCA sponsors] Durbin and Marshall have always said they will seize any opportunity to try and get the bill passed, and [attaching it] looked like a good opportunity,” Kantor says.
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Digital Transactions: In Other News
The Merchants Payments Coalition, advocates of the Credit Card Competition Act, said four large labor unions endorsed the CCCA’s passage.
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Merchants Welcome Unions’ Call to Pass Credit Card ‘Swipe’ Fee Reform
MPC welcomed the endorsement of the Credit Card Competition Act by three of the nation’s largest labor unions, who called on the Senate Agriculture Committee to “not lose sight” of credit card swipe fees as it considers cryptocurrency legislation set for a vote.
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