Mass Market Retailers: Merchants urge NCUA to withdraw flawed rule blocking Illinois swipe fee law
The Merchants Payments Coalition today 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. “The rule raises substantial legal and policy concerns that warrant reconsideration,” MPC said in comments filed with the agency. “It appears to authorize conduct that is difficult to reconcile with established federal antitrust principles, departs from longstanding expectations regarding competitive markets, exceeds NCUA's authority under the Federal Credit Union Act, and adopts an overly broad interpretation of federal credit union preemption.”
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Payments Dive: Merchants blast credit union rule
The NCUA rule raises “significant legal and policy concerns,” the Merchants Payments Coalition wrote Thursday in its comments to NCUA. The preemption effort “appears to authorize conduct that is difficult to reconcile with established federal antitrust principles, departs from longstanding expectations regarding competitive markets, exceeds NCUA’s authority under the Federal Credit Union Act (FCUA), and adopts an overly broad interpretation of federal credit union preemption,” the coalition wrote. The agency’s rule “also rests on an inaccurate understanding of the modern credit and debit card payments ecosystem,” the group added.
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Credit Unions Today: MPC Urges NCUA To Withdraw Illinois Swipe Fee Preemption Rule
The Merchants Payments Coalition (MPC) is urging NCUA to rescind its interim final rule preempting Illinois' Interchange Fee Prohibition Act for federally chartered credit unions, arguing the agency exceeded its authority and adopted the rule without an adequate legal foundation.
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Chain Drug Review: Merchants encourage NCUA to withdraw flawed rule blocking Illinois swipe fee law
“The rule raises substantial legal and policy concerns that warrant reconsideration,” MPC said in comments filed with the agency. “It appears to authorize conduct that is difficult to reconcile with established federal antitrust principles, departs from longstanding expectations regarding competitive markets, exceeds NCUA's authority under the Federal Credit Union Act, and adopts an overly broad interpretation of federal credit union preemption.”
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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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Center Square: Merchants Coalition Urges Withdrawal of Credit Union Swipe Fee Rule
The Merchants Payments Coalition is urging 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. The MPC said in a statement that the rule does not provide a sound legal basis for blocking the Illinois law and was adopted without completing the required public notice and comment period.
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Finextra: Looking Beyond the Statement Fee at the Real Cost of Payment Processing
What sounds like a win on paper isn’t in practice, according to the Merchants Payments Coalition (MPC), which has labelled the settlement a ‘bad deal’ for consumers and merchants.
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MiBolsillo: Could You Pay Less If You Use Your Credit Card in Illinois? Here's the Truth
According to the Merchants Payments Coalition, this decision was based on a "technicality," and they are confident that the OCC's rule will soon be overturned by the courts for violating the Administrative Procedure Act.
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Credit Union Daily: Decisions By OCC, NCUA Will Allow FIs to ‘Price Fix’ Wide Range of Fees, Says Merchants Group
Financial institutions will now 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 NCUA, according to the Merchants Payments Coalition.
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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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