Merchants Welcome Vance Support for Credit Card Swipe Fee Reform
MPC welcomed Vice President J.D. Vance’s call for credit card swipe fee reform, which came amid growing White House and congressional support for action to keep the hidden fees from driving up prices for consumers.
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Nearly 1,000 Merchants Tell Judge Proposed Settlement of Visa/Mastercard Lawsuit is ‘Riddled With Loopholes’
MPC said today that nearly 1,000 businesses and trade associations have called on a federal judge to reject the proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees that drive up consumer prices, saying the deal fails to provide adequate relief.
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Merchants Welcome Trump Backing of Credit Card Swipe Fee Reform at GOP Midterm Convention
MPC welcomed President Donald Trump’s latest call for credit card swipe fee reform, which took place at the Republican midterm convention in Dallas.
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Restaurant Business: Swipe fees cost businesses billions — here's why that might finally change
“Small businesses and restaurants get hit particularly hard,” Doug Kantor, general counsel at the National Association of Convenience Stores (and MPC Executive Committee member), said. “Visa and Mastercard systematically charge small businesses more in swipe fees. Also, the swipe fees get charged as a percentage against the tipped and taxed amount, not pre-tax and tip. That’s a huge penalty to businesses that operate on tips.”
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Visa and Mastercard Stocks Hit Record Highs as Merchants and Consumers Face Soaring Credit Card Swipe Fees
Visa and Mastercard stock prices hit record highs this week, showing further evidence of the need for Congress to address soaring credit card swipe fees, MPC said.
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Tech Times: Walmart Accepts Apple Pay, Routing Shoppers Into Its Fintech Super-App
NFC payments route through Visa and Mastercard networks, triggering interchange fees averaging 2.36% on credit card transactions in the US, according to the Merchants Payments Coalition.
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Forbes: Understanding Illinois’ Swipe Fee Law And What It Means For Merchants
In its request to withdraw the NCUA interim rule, the MPC also raised an antitrust concern that I believe deserves more attention than it is getting. The MPC wrote that the rule "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." If a third party can set prices for competitors in one category, I believe the logic could extend to all of them, such as late fees, overdraft fees, annual fees and ATM fees.
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American Prospect: The Credit Card Operative Helping Shape Democratic Primaries
“The claims they [the Small Business Payments Alliance] make are blatantly false … just about any small business is losing far more money in terms of costs to credit cards than they could ever possibly recoup in rewards, unless of course they’re getting these payoffs on the side,” said (MPC Executive Committee member) Doug Kantor, the general counsel for the National Association of Convenience Stores.
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Crypto Briefing: Senators Moreno and Lummis endorse Credit Card Competition Act, taking aim at Visa and Mastercard dominance
Merchant groups were enthusiastic. The Merchants Payments Coalition and the National Association of Convenience Stores both voiced support, framing the bill as a necessary competitive correction in a market that has long tilted in favor of the largest financial institutions.
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Punchbowl News: Can Moreno make credit card reform a threat?
“There is momentum to get the Credit Card Competition Act done this year,” said (MPC Executive Committee member) Doug Kantor, general counsel at the National Association of Convenience Stores.
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