Credit Union Daily: Merchants Payments Group Strongly Critical of NCUA Rule on Non-Interest Charges, Fees; Urges Withdrawal
The Merchants Payments Coalition (MPC) is urging the National Credit Union Administration (NCUA) to withdraw its interim final rule on federal credit union non-interest charges and fees, arguing the agency exceeded its statutory authority and improperly sought to preempt state interchange fee laws. In a comment letter submitted to the NCUA, the coalition said the rule raises significant legal and policy concerns, including questions involving federal preemption, antitrust principles and the Administrative Procedure Act.
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Digital Transactions: A Settlement That Doesn't Settle the Argument
Merchants disappointed by the outcome of the case are looking for the court to deny final approval of the settlement. “The vast majority of merchants oppose this proposed settlement,” says Doug Kantor, general counsel at the National Association of Convenience Stores (and MPC Executive Committee member), in a statement. “We expect many more objections to be filed that will present the court with clear evidence of the profound problems with this settlement that would make the already broken credit card market even worse.” “We are hopeful that the judge will refuse to grant final approval, and that merchants will have their day in court,” Kantor adds.
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Mass Market Retailers: Merchants urge NCUA to withdraw flawed rule blocking Illinois swipe fee law
The Merchants Payments Coalition today urged the National Credit Union Administration to withdraw a rule aimed at blocking Illinois’ ban on swipe fees on sales tax and tips, saying the rule is flawed and will drive up prices in Illinois. “The rule raises substantial legal and policy concerns that warrant reconsideration,” MPC said in comments filed with the agency. “It appears to authorize conduct that is difficult to reconcile with established federal antitrust principles, departs from longstanding expectations regarding competitive markets, exceeds NCUA's authority under the Federal Credit Union Act, and adopts an overly broad interpretation of federal credit union preemption.”
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Payments Dive: Merchants blast credit union rule
The NCUA rule raises “significant legal and policy concerns,” the Merchants Payments Coalition wrote Thursday in its comments to NCUA. The preemption effort “appears to authorize conduct that is difficult to reconcile with established federal antitrust principles, departs from longstanding expectations regarding competitive markets, exceeds NCUA’s authority under the Federal Credit Union Act (FCUA), and adopts an overly broad interpretation of federal credit union preemption,” the coalition wrote. The agency’s rule “also rests on an inaccurate understanding of the modern credit and debit card payments ecosystem,” the group added.
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Credit Unions Today: MPC Urges NCUA To Withdraw Illinois Swipe Fee Preemption Rule
The Merchants Payments Coalition (MPC) is urging NCUA to rescind its interim final rule preempting Illinois' Interchange Fee Prohibition Act for federally chartered credit unions, arguing the agency exceeded its authority and adopted the rule without an adequate legal foundation.
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Chain Drug Review: Merchants encourage NCUA to withdraw flawed rule blocking Illinois swipe fee law
“The rule raises substantial legal and policy concerns that warrant reconsideration,” MPC said in comments filed with the agency. “It appears to authorize conduct that is difficult to reconcile with established federal antitrust principles, departs from longstanding expectations regarding competitive markets, exceeds NCUA's authority under the Federal Credit Union Act, and adopts an overly broad interpretation of federal credit union preemption.”
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Center Square: Merchants Coalition Urges Withdrawal of Credit Union Swipe Fee Rule
The Merchants Payments Coalition is urging the National Credit Union Administration to withdraw a rule aimed at blocking Illinois’ ban on swipe fees on sales tax and tips, saying the rule is flawed and will drive up prices in Illinois. The MPC said in a statement that the rule does not provide a sound legal basis for blocking the Illinois law and was adopted without completing the required public notice and comment period.
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Finextra: Looking Beyond the Statement Fee at the Real Cost of Payment Processing
What sounds like a win on paper isn’t in practice, according to the Merchants Payments Coalition (MPC), which has labelled the settlement a ‘bad deal’ for consumers and merchants.
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MiBolsillo: Could You Pay Less If You Use Your Credit Card in Illinois? Here's the Truth
According to the Merchants Payments Coalition, this decision was based on a "technicality," and they are confident that the OCC's rule will soon be overturned by the courts for violating the Administrative Procedure Act.
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Credit Union Daily: Decisions By OCC, NCUA Will Allow FIs to ‘Price Fix’ Wide Range of Fees, Says Merchants Group
Financial institutions will now be allowed to “price-fix a wide range of fees” charged to consumers and small businesses under a pair of rules issued by the Office of the Comptroller of the Currency and NCUA, according to the Merchants Payments Coalition.
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