MPC Hill Blast: Main Street Merchants and Consumer Groups: Reject the Sham Credit Card Settlement
Last week, the credit card industry announced its third attempt to finagle a litigation settlement that would cut off merchants’ rights to challenge the anticompetitive swipe fee system in court in exchange for largely meaningless “reforms.” The response from Main Street merchants and consumer groups has been clear: this is a bad deal.
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MPC Hill Blast: Asking for Strike 3
The credit card giants have tried multiple times to pull a fast one on Main Street by negotiating antitrust litigation settlements that allow them to continue their anticompetitive practices with legal immunity. According to the Wall Street Journal, they are at it again.
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MPC Hill Blast: Affordability
Affordability has been the talk of the town. You can read it here, here and here. The credit card industry is fighting against affordability as hard as it can.
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MPC Hill Blast: 54,000 More Jobs
That is the number of jobs that would be created in just the first year if we finally had competition among credit card networks. You can read it here.
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MPC Hill Blast: The Threat to Your Data? Visa Wins the Prize
Starting Oct. 17, Visa began hitting Main Street businesses that won’t give it “comprehensive” data on key transactions with extra swipe fees.
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MPC Hill Blast: Big-Bank Profits Rising Along With Swipe Fees
The big banks are raking in big profits — again.
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MPC Hill Blast: The ABCs of Big Bank Logic Are … Anything But Competition
Once again, big banks have shown they will go to any length to avoid competition. It’s not enough that they want to keep cartel-style price-fixing on credit card swipe fees without any competition. Now they want to prohibit consumers from getting any kind of rewards or interest from alternatives like stablecoins — just to avoid competition.
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MPC Hill Blast -- ‘It Kind of Boggles My Mind’
‘It kind of boggles my mind.’ That was the reaction of someone who knows what he is talking about — Coinbase CEO Brian Armstrong — to huge swipe fees that cannot be justified in this interview with Fox Business.
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MPC Hill Blast: $795 for Me … And No Soup for You!
American consumers can be excused for feeling like George in a classic Seinfeld clip. They keep getting squeezed by higher fees that seemingly come out of nowhere — like the $795 annual fee JP Morgan Chase is now charging cardholders. And that is just part of a parade of higher annual fees and interest rates from credit card companies.
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MPC Hill Blast: The Biggest Bipartisan Inflation Reduction Bill
What is the bipartisan policy before Congress with the greatest inflation reduction potential? The Credit Card Competition Act.
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