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.”
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Convenience Store News: U.S. Senators Make Moves to Push Credit Card Reform to a Vote
The Merchants Payments Coalition (MPC) expressed support for a Senate vote on the act. "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 NACS 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." Credit and debit card swipe fees have risen 70% since the COVID-19 pandemic and reached a record $187.2 billion in 2024, according to the MPC.
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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.”
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Payments Dive: Durbin, Marshall push credit card amendment
The campaign to pass such a bill has been backed by retailers and their trade groups, such as the National Retail Federation and the Merchants Payments Coalition, but has drawn protests from financial institutions and their trade groups, including the Electronic Payments Coalition. ... A vote on the amendment, and perhaps even the GENIUS Act bill, could come as soon as this week, but may extend into next week, following the Memorial Day holiday break on Monday, said Doug Kantor, who serves as general counsel for the National Association of Convenience Stores (and a member of the MPC Executive Committee). He’s confident that there is “a lot of support for the amendment.” Kantor’s camp has long supported Durbin’s campaign to rein in what they consider the “duopoly” of Visa and Mastercard’s grip on the card network industry. They contend those two networks’ control of the market has driven up card processing fees for merchants and has resulted in higher costs for consumers.
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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.”
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Fuel Market News: The Next 48 Hours Are Crucial to 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.”
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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.”
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Politico: Marshall files credit card swipe fee crackdown as crypto bill amendment
Doug Kantor, a representative for the Merchants Payments Coalition, which represents retailers, 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."
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Nation’s Largest Native American Tribes Endorse Credit Card Competition Act Saying Credit Card Swipe Fees ‘Literally Keep Food Out of Reach’
MPC welcomed a letter from the nation’s largest Native American tribes asking Congress to make the Credit Card Competition Act part of the GENIUS Act in order to hold down rising costs for tribal members.
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Merchants Welcome Move to Attach Credit Card ‘Swipe’ Fee Bill to Stablecoin Legislation Set for Vote in Senate
MPC welcomed a move toward a Senate vote on the Credit Card Competition Act amid growing support of efforts to reduce “swipe” fees that drive up costs for small businesses and prices for consumers by billions of dollars a year.
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