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WASHINGTON – The Electronic Payments Coalition (EPC), representing more than 12,000 credit unions and community banks, trade associations, payment card networks and banks, submitted comments supporting the repeal of the Durbin Amendment in the Financial CHOICE Act. Commending Chairman Hensarling for his leadership in addressing the overly burdensome and unfair price controls introduced by the Durbin Amendment, the EPC stated that the Durbin Amendment failed to deliver on its key promise, which was savings for consumers. “The Durbin Amendment has adversely impacted low-income consumers because it resulted in raised banking costs and made debit a less desirable option…and negatively impacted small and community banks even though they were told they would not be harmed. Evidence of the Durbin Amendment’s failure is clear, and because of its negative impact on consumers, particularly low- and moderate-income consumers, and community banks and credit unions, it deserves to be repealed,” writes EPC Executive Director … Continue reading
As the campaign season is now in full swing, many voters are tuning into politicians that are saying and do anything to get elected. However, there are some leaders that truly take on the hard work of legislating and work tirelessly to try and solve the problems of hardworking Americans. That is why the Electronics Payments Coalition is commending House Financial Services Chairman Jeb Hensarling for putting serious thought and initiative into creating The Financial CHOICE Act. The bill’s name stands for Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs, and would help boost the economy by creating more competition while providing much needed relief from overly burdensome regulations. Of critical importance to our coalition is repealing the harmful federal price controls of the Durbin Amendment that mandated debit card acceptance fees. Continue Reading
A new resource from EPC highlights how retailers are masking their opposition to consumer security measures. Continue Reading
For years Washington has operated under the delusion that government mismanagement played no part in the financial crisis. Convinced that “greedy” Wall Street banks were entirely to blame, the then-Democratic controlled Congress rushed through the massive Dodd-Frank Wall Street Reform and Consumer Protection Act by a largely party-line vote. Their efforts have since proven to be not only ineffective, but economically destructive. Thankfully, Congress now has available a suitable remedy in House Financial Services Chairman Jeb Hensarling’s Financial Choice Act. Continue Reading
Nearly seven years after the Great Recession ended, the economy still isn’t working for millions of working Americans. Their paychecks remain stagnant; their savings have declined. They cannot get ahead and fear for the future of their families. One of the principle reasons for this is the Dodd-Frank Act. Though many have not heard of it, Dodd-Frank is to household finances what Obamacare is to healthcare. Continue Reading
Statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC) praising Chairman Jeb Hensarling (R-TX) for his leadership on The Financial CHOICE Act: “The Electronic Payments Coalition applauds Chairman Hensarling’s vision and hard work on The Financial CHOICE Act which provides commonsense reforms that promote economic growth for all Americans. Of critical importance to the coalition is repealing the harmful federal price controls of the Durbin Amendment and we look forward to working with the Chairman on ending this failed policy.” Read EPC’s press release.
The Durbin Amendment, a.k.a. “merchant markup,” allows big box retailers to pocket $8 billion dollars a year from customers’ purchases. That’s $32 billion since Congress passed this law and retail groups are looking to increase their merchant markup even more. Additionally, big box retailers are not held to any federal standards to protect their customers, yet 90% of consumers agree they should be held to similar standards as banks and financial institutions when it comes to keeping customer data secure and private. The Data Security Act of 2015 would help protect consumers but retailers are fighting the bill to increase their bottom line. It’s time to put consumers first. Continue Reading
EPC’s latest resource explains how EMV chip cards can help defend against hackers.
In Washington, sometimes the facts get in the way of a good story when it comes to advocating for changes to public policy. Eventually, the facts have the pesky ability to expose the cold hard truth of a well-spun fairy tale. This is what happened when price controls were enacted on debit card transactions and consumers suffered as a result. An amendment authored by Senator Durbin was attached to Dodd-Frank and passed in the dead of night with little scrutiny or debate. The provision, which dictates price controls on debit card transactions, was hailed as a consumer benefit because advocates said that the money it generated would go directly back into the pockets of hardworking Americans. Continue Reading
While few senators attended the Senate Banking Committee’s hearing on the effects of consumer finance regulations, Senate Democrats blasted Senate Republicans for trying to kneecap the CFPB and questioned one witness’ judgement about the agency at Tuesday’s event. During his opening statement, ranking member Sherrod Brown (D-Ohio), chided the committee’s Republicans for having forgotten the recent financial crisis and the reasons why the CFPB was developed. He told committee members to resist the collective amnesia in the hearing room and in Congress. Continue Reading