More Than 140 Organizations, Including CrossState, Oppose the Durbin-Marshall Credit Card Competition Act 

Board chairman of the Electronic Payments Coalition (EPC) Jeff Tassey recently released the following statement highlighting the more than 140 organizations—spanning across finance, banking, merchant, and consumer advocate industries—that oppose the Credit Card Competition Act‘s harmful credit card routing mandates introduced by Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS):     

“More than 140 organizations agree that the proposed credit card routing mandates included in the Credit Card Competition Act are bad for consumers, small businesses, and financial institutions of all sizes. This legislation is a cynical attempt to enrich big-box retailers at the expense of everyone else. We know that not a dime in savings will be passed on to consumers because we’ve seen this story before. The last time Congress passed interchange regulations, 98 percent of retailers either failed to lower prices or raised prices while enjoying a multibillion-dollar windfall. Small banks and consumers are going to be the biggest losers, where the cost of banking will go up, popular cash back and rewards programs will disappear, fraud will likely explode, and millions of Americans could lose access to credit all together.”  

The list of organizations that oppose this Act can be found here.