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A statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC) in support of the Data Security Act of 2015, H.R. 2205: Despite recent claims from representatives of the retail industry, security measures to protect sensitive customer information are needed across industries that handle consumers’ personal and financial information. Retailers are not currently held to any Federal security standards, yet a recent Morning Consult poll found 90 percent of consumers agree stores and retailers should be held to similar standards as banks and financial institutions to keep data secure and private. Banks and financial institutions go above and beyond the requirements of the Gramm-Leach-Bliley Act (GLBA) to safeguard their customers’ information and the same effort should be required of others that handle sensitive customer data, such as credit and debit cards. There are numerous safeguards implemented by financial institutions that retailers currently do not abide by, such as: … Continue reading
In October 2015, Electronic Payments Coalition and some of its members sent a letter to the Hill in support of H.R. 2205, the Data Security Act. Members who signed include Credit Union National Association (CUNA), Consumer Bankers Association (CBA), Financial Services Roundtable (FSR), Independent Community Bankers of America (ICBA), National Association of Federal Credit Unions (NAFCU) and American Bankers Association (ABA).
A study by the Federal Reserve Bank of Richmond found that the Durbin Amendment is not working as Congress intended and has led to several unintended consequences. This resource provides further information on how the Amendment has failed consumers.
A statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC) praising testimony from Professor Todd Zywicki at the U.S. Senate Committee on Banking, Housing, & Urban Affairs hearing today: Price controls on debit card transactions, which were enacted through the Durbin Amendment, have created a hand out for retailers that so far has reached $36 billion and continues to rise each year. Professor Zywicki’s testimony made this padding by large retailers evident by noting, “While the Durbin Amendment has saved big box retailers billions of dollars per year in interchange fees, there is no evidence to date that those cost savings have been passed on to retail consumers. In short, consumers are paying higher fees for bank accounts and receiving no rebates from retailers. Indeed, unlike big box retailers that have received multi-billion dollar windfalls, many small retailers are actually paying higher merchant discount rates than … Continue reading
Electronic Payments Coalition Executive Director Molly Wilkinson wrote to Fed Chair Janet Yellen to express concerns regarding the detrimental effect the Durbin Amendment is having on consumers.
Philadelphia Fed Analysis of the Effect of Interchange Fee Restrictions on Small Banks Is Incomplete
The Federal Reserve Bank of Philadelphia published a brief yet incomplete note on the impact of Dodd-Frank on small banks. This resource clarifies positions stated in their analysis and provides further information.
We all want our debit and credit cards to be convenient, protected, and secure. The payments industry is developing innovative solutions to provide consumers with the latest security options. Learn more about the future of electronic payments.
82 percent of voters agree that consumers should have a choice about what type of payment technology they want to use, according to a new Morning Consult poll released today. Almost one year after President Obama’s Summit on Cybersecurity and Consumer Protection, this new survey reveals consumer attitudes toward cybersecurity and electronic payments. Of the 2,028 registered voters surveyed, 75 percent agree stores should move as quickly as possible to adopt new forms of electronic payments that would help protect consumer information. Over six in 10 voters (63 percent) say stores and retailers should offer a number of payment types that consumers think are secure, compared to less than two in ten (19 percent) that say stores or retailers should only accept payment types that store prefers.