WASHINGTON–Sen. Richard Durbin (D-IL) late last week called for a vote on the Credit Card Competition Act, which is strongly opposed by credit unions.
A merchants group quickly issued a statement in follow-up urging Congress to act, as well.
In remarks on the Senate floor, Durbin, one of the two primary co-sponsors on the legislation, said, “The bill will benefit Americans who currently are paying the price for the credit card industry’s price-gouging schemes. It will give a fighting chance to the small businesses and restaurants we want to see stay open, support the mom-and-pop shops that make our communities feel whole, and ultimately keep money in the pockets of hardworking Americans. It is time we bring this commonsense, consumer-protecting, bipartisan legislation to the floor for a vote.
“Few things could unite unions, businesses, consumer groups and a bipartisan group of senators,” Durbin added. “This bill does just that because it will benefit hardworking Americans.”
Durbin, who has been critical of Visa and Mastercard, noting they control more than 80% of the credit card market and centrally set swipe fees charged by all financial institutions, said the financially services industry, is spending “a pretty penny,” and cited a study by Accountability.US that found the card industry has spent $51 million while lobbying against the bill.
‘Time to Make Good on Promise’
In response, the Merchants Payments Association echoed many of Durbin’s comments, with MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor stating, “The sponsors of this legislation were promised a vote and it’s time to make good on that promise. Small businesses and families can’t afford to suffer another day under these outrageous fees.”
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