MPC Hill Blast: Coalition of Large Tribes Supports the Marshall-Durbin Amendment
The Coalition of Large Tribes has endorsed the Marshall-Durbin Amendment to provide some competition to rein in huge credit card swipe fees.
READ MORE +MPC Hill Blast: ‘Bill Aimed at Reducing Credit Card Swipe Fees Puts Chinese Company in Crosshairs’
Washington Times story says ‘Bill Aimed at Reducing Credit Card Swipe Fees Puts Chinese Company in Crosshairs.’
READ MORE +MPC Hill Blast: Wall Street Doubletalk: Swipe Fees Won’t Go Down, But Rewards Will Go Away
The giant Wall Street banks and their “experts” are throwing every argument they can think of against credit card competition. Even when they blatantly contradict themselves.
READ MORE +
Digital Transactions: How CCCA Sponsors See an Opportunity to Advance the Bill
Attaching the CCCA to the Genius Act also made sense because few standalone bills get passed in the Senate. “Amendments are the way the Senate legislates,” says Doug Kantor, an executive committee member for the Merchants Payments Coalition and general counsel for the National Association of Convenience Stores. “The opportunity to attach to the GENIUS Act came up before the CCCA could be reintroduced in this Congress.”
READ MORE +
Payments Journal: Credit Card Legislation May Be Amended to Stablecoin Bill
The act has gained support from retail organizations like the Merchant Payments Coalition and the National Retail Federation, but faces significant opposition from financial institutions and the credit card industry.
READ MORE +MPC Hill Blast: No Innovation in Payments Without Competition
Payments in the United States is long overdue for innovation, but one MPC member recently coauthored an article with the CEO of a stablecoin company that shows how long overdue we are for real change.
READ MORE +
Mass Market Retailers: Retailers back push to tie credit card fee reform to stablecoin bill
The Merchants Payments Coalition (MPC) and the National Retail Federation (NRF) both issued statements welcoming the introduction of an amendment that would fold the CCCA into the GENIUS Act, a bill establishing regulatory rules for stablecoins. The move, led by Senators Roger Marshall (R-Kan.) and Richard Durbin (D-Ill.), could pave the way for the long-anticipated reform of the credit card processing market, where Visa and Mastercard currently dominate with over 80% combined market share. “It is time for Congress to deal with the hidden credit card fees driving up the prices of nearly everything we buy,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Credit card companies are now even putting swipe fees on top of tariffs and pushing up prices even more. Congress needs to pass the Credit Card Competition Act to give Main Street and their customers a fighting chance against out-of-control fees.”
READ MORE +
NACS Daily: Help Move Credit Card Swipe Fee Reform Forward
“It is time for Congress to deal with the hidden credit card fees driving up the prices of nearly everything we buy,” said NACS General Counsel Doug Kantor, who also serves as an executive committee member of the Merchants Payments Coalition. “Credit card companies are now even putting swipe fees on top of tariffs and pushing up prices even more. The Senate needs to approve the Marshall-Durbin Amendment to give Main Street and their customers a fighting chance against out-of-control fees.”
READ MORE +
Digital Transactions: Trying to Revive the CCCA, Durbin And Marshall Look to Make It an Amendment to the GENIUS Act
The Merchants Payments Coalition, which supports the CCCA, argues in favor of making the bill an amendment to the GENIUS Act, arguing that credit card fees account for more than 70% of the total $224 billion in card fees paid by merchants in 2023. Credit cards account for an estimated 40% of total U.S. spending, according to the 2024 State of the Industry Report from the research firm CMSPI. “It is time for Congress to deal with the hidden credit card fees driving up the prices of nearly everything we buy,” Doug Kantor, an executive committee member for the Merchants Payments Coalition and general counsel for the National Association of Convenience Stores, says in a statement. “Credit card companies are now even putting swipe fees on top of tariffs and pushing up prices even more. Congress needs to pass the Credit Card Competition Act to give Main Street and their customers a fighting chance against out-of-control fees.”
READ MORE +
Semafor: Financial lobbying storm brews over possible credit card-crypto bill pairing
Merchant Payments Coalition’s Doug Kantor said in a statement that “it is time for Congress to deal with the hidden credit card fees driving up the prices of nearly everything we buy.”
READ MORE +