Merchants Applaud Trump Action on Banking Industry’s Bad Practices
MPC welcomed President Donald Trump’s executive order intended to keep banks from discriminating on political grounds, one of many ways that banks harm everyday Americans.
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Digital Transactions: Back to the Drawing Board on Debit Rates: Sorting Out Winners and Losers
“That proposal didn’t correct the original mistake, which was looking at the entire cost structure of debit acceptance, not just the actual cost per transaction,” says Doug Kantor, an executive committee member at the Merchants Payment Council and general counsel for the National Association of Convenience Stores. “[Traynor’s] ruling also supersedes the Fed’s 2023 proposal.”
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Progressive Grocer: Federal Court Ruling on Debit Card Swipe Fee Cap Touted as ‘Critical Victory’
“We are glad to see this well-reasoned decision,” said Doug Kantor, a member of the executive committee of the Washington, D.C.-based Merchants Payments Coalition (MPC) and general counsel for the National Association of Convenience Stores. “This case shows that banks have swiped a windfall of billions of dollars per year in debit fees from Main Street that go far beyond normal, competitive profit margins. The Federal Reserve should quickly rewrite its rules to cure this problem and reduce the inflationary pressure these fees impose on the entire US economy.”
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Convenience Store News: Retailers Applaud U.S. District Court's Ruling on Debit Card Swipe Fees
The Merchants Payments Coalition (MPC) welcomed the ruling and urged the Fed to take quick action. "We are glad to see this well-reasoned decision," said Doug Kantor, MPC executive committee member and NACS general counsel. "This case shows that banks have swiped a windfall of billions of dollars per year in debit fees from Main Street that go far beyond normal, competitive profit margins. The Federal Reserve should quickly rewrite its rules to cure this problem and reduce the inflationary pressure these fees impose on the entire U.S. economy."
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Hardware Retailing: Credit Card Swipe Fee Ruling Overturned
“We are glad to see this well-reasoned decision,” says Doug Kantor, MPC executive committee member and national association of convenience stores general counsel. “This case shows that banks have swiped a windfall of billions of dollars per year in debit fees from Main Street that go far beyond normal, competitive profit margins. The Federal Reserve should quickly rewrite its rules to cure this problem and reduce the inflationary pressure these fees impose on the entire US economy.”
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PPC Land: Trump signs executive order targeting banking industry discrimination
The Merchants Payments Coalition welcomed the announcement, with member Doug Kantor from the National Association of Convenience Stores stating that "Big banks and credit card companies not only discriminate against conservatives, they mistreat new financial technology companies, cryptocurrency businesses and Main Street businesses." Kantor emphasized how these practices inflate prices while preventing innovation, particularly harming small businesses and consumers who can least afford the impact.
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Merchants Welcome Court Ruling on Debit Card Swipe Fees
MPC welcomed a federal judge’s ruling overturning the Federal Reserve’s 2011 regulated rate for debit card “swipe” fees on the grounds that it was set higher than intended by Congress.
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American Banker: Court vacates Fed interchange rule, dealing blow to banks
Merchants and retailers, meanwhile, were elated by the ruling. Doug Kantor, general counsel of the National Association of Convenience stores (and MPC Executive Committee member), said the decision will bring better balance to the payments processing space. "We are glad to see this well-reasoned decision," Kantor said in a prepared statement. "This case shows that banks have swiped a windfall of billions of dollars per year in debit fees from Main Street that go far beyond normal, competitive profit margins. The Federal Reserve should quickly rewrite its rules to cure this problem and reduce the inflationary pressure these fees impose on the entire US economy."
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Athletech News: Swipe Fees, Crypto & Improvements From Mastercard
The MPC survey showed that 71 percent of respondents said lower credit card swipe fees “would be ‘a good thing,’” compared with only 16 percent who disagreed. The survey found that twice as many people (48 percent) believe “‘more competition in the credit card market’ would decrease swipe fees for merchants and consumers alike than believe the opposite (24 percent),” the MPC said in a statement.
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MPC Hill Blast: Credit Card Swipe Fees are the Top ‘Scam’ That People Accept as ‘Normal’
What's the No. 1 everyday scam that is so “normalized” that people just “accept” it? That’s right – it’s credit card swipe fees.
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