Coalition of Large Tribes Supports the Marshall-Durbin Amendment
The Coalition of Large Tribes has endorsed the Marshall-Durbin Amendment to provide some competition to rein in huge credit card swipe fees. COLT represents many Native American tribes around the nation. In fact, the Coalition represents more than 50 tribes with reservations of 100,000 acres or more, encompassing more than 90% of Indian lands and more than half of the U.S. Native American population.
COLT’s endorsement is an incredibly strong statement of the need for Marshall-Durbin. The letter says:
- “The Credit Card Competition Act would be transformative for rural and tribal communities by allowing us to keep more of our revenues in communities rather than allowing big banks to gorge on profits from their unjust, antiquated and completely unnecessary swipe fees.”
- “On average, credit card swipe fees are the second-highest operating expense for local businesses, and this is true for tribal businesses as well.”
- “That is an outrageous amount of money, especially for our tribal families who often live well below the poverty line. Credit and debit fees literally keep food out of reach for some tribal families.”
- “Factors present in origin story of swipe fees in the 1960s are absent today. … Now, 60-plus years later, credit card infrastructure is automated and secure, and much more like a utility. Yet despite the sea-change in factual context, credit card swipe fees have ballooned to outrageous levels while the credit card companies provide no value.
This support shows the remarkable breadth of supporters of the CCCA which includes business, labor, consumer and pro-competition groups.
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE MARSHALL-DURBIN AMENDMENT