NACS Daily: Excessive Credit Card Fees in Capitol Spotlight
In his testimony, (MPC Executive Committee member and NACS General Counsel Doug) Kantor pointed out that the huge costs of the system, which disproportionately impact lower-income Americans, are “an ongoing problem, and consumers don't know it. Everything about this is hidden from them. They're not aware of the role Visa and MasterCard play. They're not aware of the other processors in the system. They're not given information about the pricing or the fact that there’s any fees at all.”
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American Banker: Republicans to Visa and Mastercard: Figure it out, or we will
Douglas Kantor, (MPC Executive Committee member and) general counsel at the National Association of Convenience Stores, testified at the hearing that the bill would "introduce market competition where there is none today." "The harm done to merchants, consumers and the U.S. economy due to the anticompetitive actions of the card industry is far too large and should end," Kantor said.
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Mass Market Retailers: Merchants Payments Coalition pushes for "swipe" fee reform at Senate hearing
"Most consumers are unaware of these fees or their significant impact on the cost of goods, services, and the broader economy," said Doug Kantor, MPC Executive Committee member and General Counsel for the National Association of Convenience Stores. "For merchants, these excessive and ever-increasing fees are a constant financial burden, and for consumers, they significantly contribute to inflation."
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Chain Drug Review: Merchants Payments Coalition pushes for "swipe" fee reform at Senate hearing
"Most consumers are unaware of these fees or their significant impact on the cost of goods, services, and the broader economy," said Doug Kantor, MPC Executive Committee member and General Counsel for the National Association of Convenience Stores. "For merchants, these excessive and ever-increasing fees are a constant financial burden, and for consumers, they significantly contribute to inflation."
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C-SPAN: Senate Hearing on Competition in the Credit Card Market
MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor testifies about rising swipe fees and the need to pass the Credit Card Competition Act before the Senate Judiciary Committee.
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Convenience Store News: Retailer Groups Urge Senate to Change 'Anticompetitive' Swipe Fee System
"Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. "For merchants, these excessive and ever-increasing fees are a constant source of stress and financial difficulty, and for consumers they contribute significantly to inflation. In fact, swipe fees reduce efficiency across the economy. "It does not have to be this way," Kantor continued, adding that the Credit Card Competition Act would introduce market competition where none currently exists by creating incentives for innovation on price and service that would benefit both consumers and the economy. "Swipe fees desperately need those incentives but lack them today. The CCCA would deliver on that."
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Merchants Tell Senate Anticompetitive Credit Card ‘Swipe’ Fee System ‘Does Not Have to be This Way’
MPC testified before the Senate Judiciary Committee that rising credit card “swipe” fees cost small businesses and their customers billions of dollars each year and called for passage of the Credit Card Competition Act to bring the fees under control. “Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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Payments Dive: Durbin gives credit card bill another Senate push
(MPC Executive Committee member) Doug Kantor, general counsel for a trade group that has been backing the legislation — the National Association of Convenience Stores — noted in an interview this week that the legislation has enjoyed bipartisan support. Co-sponsor Sen. Roger Marshall, a Republican from Kansas, has been spearheading the bill as ardently as Durbin. Other big name Republicans have also signed on, including Vice President-Elect J.D. Vance and Sen. Josh Hawley.
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NACS Daily: Senate Judiciary Committee to Hold Hearing on Swipe Fees
“We look forward to this hearing because we want as many opportunities as possible to talk about the growing financial hardship excessive swipe fees have caused for American families, small businesses and the economy,” MPC executive committee member and NACS General Counsel Doug Kantor said. “The card industry, on the other hand, wants to hide the facts and pretend the problem doesn’t exist."
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The Center Square: As giving season arrives, calls for an end to swipe fees on donations
While many banks oppose the proposed legislation, a survey by the Merchants Payments Coalition found that a majority of Americans support the Credit Card Competition Act. "According to the survey, 55% of likely voters in this fall’s general election support the CCCA while only 7% oppose it, and 38% are unsure," a news release accompanying the survey says. "Supporters outnumber opponents by nearly 50 percentage points."
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