Merchants Welcome Move to Attach Credit Card ‘Swipe’ Fee Bill to Stablecoin Legislation Set for Vote in Senate
MPC welcomed a move toward a Senate vote on the Credit Card Competition Act amid growing support of efforts to reduce “swipe” fees that drive up costs for small businesses and prices for consumers by billions of dollars a year.
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Merchants Call for Consideration, Passage of the GENIUS Act
MPC encouraged prompt Senate floor consideration, debate and bipartisan passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, saying time is of the essence to establish a clear and comprehensive regulatory framework for stablecoin payments. Enactment of the GENIUS Act would be part of an important set of reforms to advance competition in domestic payment innovation, MPC said.
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Merchants Say Credit Card Competition Act Will Still Be Needed Following Capital One/Discover Merger
MPC said passage of the Credit Card Competition Act is still needed to bring competition to billions of dollars in soaring credit card “swipe” fees despite regulatory approval of Capital One’s plans to acquire Discover.
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Credit Card Companies Will Make Twice as Much on Easter Eggs as ‘Swipe’ Fees Cost Consumers Over $550 Million
Big banks and credit card networks will make twice as much on a dozen Easter eggs this year as the rising “swipe” fees they charge merchants to process transactions cost families celebrating the holiday more than $550 million, MPC said.
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Credit and Debit Card ‘Swipe’ Fees Hit New Record of $187.2 Billion, Driving Up Prices for American Families
Led by Visa and Mastercard once again, credit and debit card “swipe” fees reached another new record – $187.2 billion – last year, driving up consumer prices and further showing the need for Congress to pass the Credit Card Competition Act, MPC said.
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Hotel Owners Call Credit Card Swipe Fees ‘Worse Than What OPEC Does’
The Asian American Hotel Owners Association, a leading member of the Merchants Payments Coalition, is calling on Congress to pass the Credit Card Competition Act to bring down credit card “swipe” fees that drive up consumer prices.
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Yemeni American Merchants Say Some Small Businesses ‘Will Not Make It’ Under High Credit Card Swipe Fees
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Credit Card ‘Swipe’ Fees Could Cost Consumers Over $600 Million on Valentine’s Day
Rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers well over $600 million in higher prices for Valentine’s Day this year, MPC said.
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Merchants Back Maryland Legislation to Ban Credit Card Swipe Fees on Sales Tax
MPC voiced support for state legislation that would block credit card networks and banks from charging Maryland merchants “swipe” fees on the sales tax portion of transactions.
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Record Profits at Giant Card Issuer JPMorgan Chase Show Need to Address Credit Card Swipe Fees
As Congress focuses on huge profits in the credit card industry, record annual profits reported this week by the nation’s largest card issuer show the need for lawmakers to address soaring swipe fees charged to process transactions, MPC said.
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