MPC Hil Blast: 'Working People Got Slammed by Credit Card Interest and Fees'
As the article shows, new numbers are out and they aren’t pretty for the American people.
READ MORE +MPC Hill Blast: Visa, Mastercard Push Fraud Costs Onto Merchants -- Federal Reserve
The Federal Reserve recently released new data on debit cards and the results are eye-opening. The report shows that Visa and Mastercard have continued to push more fraud costs onto merchants and have reduced the amounts that banks pick up.
READ MORE +MPC Hill Blast: The '$760 Million Windfall'
As reported by the New York Times, JPMorgan Chase CEO Jamie Dimon made a “$770 Million Windfall” in 2025.
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Detroit Free Press: DTE Energy to charge a credit card fee, while seeking to raise rates
Last month, the Merchant’s Payments Coalition estimated that the amount banks charged merchants to process credit cards ― sometimes referred to as swipe fees ― during the holidays alone would be nearly $20 billion nationwide. The coalition ― which is made up of retailers, supermarkets, restaurants, drugstores, convenience stores, gas stations, online merchants, and other businesses ― said it aims to reform the U.S. payments system "to make it more transparent and competitive." The $20 billion figure, the group added, was based on an average 2.35% rate. Swipe fees are the "highest operating cost after labor throughout the year" for most merchants, according to the coalition. And since the pandemic, starting in 2019, they’ve risen 70%, reaching a record $187.2 billion last year.
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Gifts and Decorative Accessories: Visa, Mastercard Shift More Debit Card Fraud onto Merchants, Fed Report Says
“The latest report shows the consequences of the Federal Reserve failing to keep up with its job as a regulator,” said Doug Kantor, executive committee member of the Merchant Payments Coalition and general counsel for the National Association of Convenience Stores. “Rather than updating its regulations, the Fed has allowed Visa and Mastercard to punish merchants with increasing fraud losses, while banks extract huge profits far out of proportion to their costs. It has been nearly 15 years since the Fed wrote its regulations, and this report underscores the long-overdue need for an update to ensure that fees are reasonable and that there are incentives to reduce fraud.”
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PPC Land: Banks profit six times their costs as merchants absorb 50% of debit fraud
Doug Kantor, Executive Committee member of the Merchants Payments Coalition and General Counsel for the National Association of Convenience Stores, stated in a December 22 release that the data demonstrates "the consequences of the Federal Reserve failing to keep up with its job as a regulator." Kantor emphasized that rather than updating regulations, the Fed has allowed Visa and Mastercard to punish merchants with increasing fraud losses while banks extract profits far exceeding their costs.
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Payments Dive: Fed report stirs debit fee debate
The Merchants Payments Coalition pointed to the report as evidence of the need for the Federal Reserve to follow through on a plan to lower the cap on debit card fees, saying the report shows fees charged by banks and networks are not “reasonable and proportional” to their costs, as required by federal law.
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Digital Transactions: The Fed’s Biennial Debit Report Sparks Merchants’ Ire
Merchants’ shouldering of an increasing portion of debit fraud losses is a year’s-long trend that needs to be reversed, says Doug Kantor, a Merchants Payment Coalition executive committee member and general counsel for the National Association of Convenience Stores. “Visa and Mastercard have been pushing more of the fraud burden on merchants since (Regulation II) went into effect and that’s a problem,” Kantor says. “The Fed has not kept up with the facts on the ground [when it comes to regulating debit cards].”
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Fed Report Shows Visa, Mastercard Shift More Debit Card Fraud Onto Merchants
A biennial report just released by the Federal Reserve shows that Visa and Mastercard shifted more of the burden of debit card fraud onto the merchants, while easing responsibility for banks. The updated figures for 2023 show that merchants paid for 49.9% of debit card fraud in 2023 — up from 46.9% in 2021. During the same period, the amount paid by banks dropped from 33.4% to 28.3%.
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CPA Practice Advisor: Fed Report Shows Visa, Mastercard Shift More Debit Card Fraud Onto Merchants
“The latest report shows the consequences of the Federal Reserve failing to keep up with its job as a regulator,” said Doug Kantor, Executive Committee member of the Merchant Payments Coalition and General Counsel for the National Association of Convenience Stores. “Rather than updating its regulations, the Fed has allowed Visa and Mastercard to punish merchants with increasing fraud losses, while banks extract huge profits far out of proportion to their costs. It has been nearly 15 years since the Fed wrote its regulations, and this report underscores the long-overdue need for an update to ensure that fees are reasonable and that there are incentives to reduce fraud.”
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