“If anything this shows an even greater need for legislation and demonstrates the courts are just not equipped to set out how a competitive market could happen in the future.” @NACSonline @doug_Kantor @Visa @Mastercard #creditcard #swipefee @business

“#Creditcard #swipefees have become one of the most prominent and oppressive issues for New York’s small business owners,” state Senator Andrew Gounardes says. #CreditCardCompetitionAct @gillibrandny @SenSchumer @Sen_Gounardes @PokJournal

“Small merchants are being eaten alive by high #swipefees imposed by the @Visa/@Mastercard duopoly,” Washington Monthly Contributing Writer @DavidOAtkins says. #CreditCardCompetitionAct @monthly #creditcard

NH bookstore owner Michael Herrmann says #creditcard #swipefees cost him more than the cost of merchandise, payroll or rent, “all of which are more important to our business than banks getting a cut of the action.” #CreditCardCompetitionAct @UnionLeader

Lack of competition over #creditcard & #debitcard #swipefees has led to “bloated fees that every U.S. merchant pays today when accepting credit & debit cards,” RILA’s Austen Jensen says. @PaymentsDive @RILAtweets @RILA_AJ @CFPB #CreditCardCompetitionAct https://t.co/BZUONVgHVM

Banks should not charge for consumer data because “Allowing a new version of an interchange fee for open banking will only stifle innovation and lead to the same consolidation in the market.” @PaymentsDive @RILAtweets @RILA_AJ #creditcard #swipefees @CFPB

As @NACSonline's Lyle Beckwith says in the story, “No one should be fooled by the credit card industry’s smoke and mirrors. ... This proposed settlement endorses business as usual, including by letting Visa and Mastercard increase their own fees without any restraints.”

Banks would receive “plenty of interchange fees” under Illinois’ ban on #creditcard #swipefees on sales tax because the amount would be reduced only 9-10%, deputy state AG Darren Kinkead says. @ILRetail @GovPritzker #CreditCardCompetitionAct @CapitolNewsIL

Illinois’ ban on #creditcard #swipefees on sales tax and tips "is about bringing down the interchange fees” & “it's the networks, not the banks, that bear the burden of complying." @ILRetail @GovPritzker @SenatorDurbin #CreditCardCompetitionAct @Law360

“The #creditcard giants should stop punishing merchants for providing a service to the state and employees” by charging #swipefees on sales tax and tips. @ILRetail @GovPritzker @NACSonline @doug_Kantor #CreditCardCompetitionAct @SenatorDurbin @MMRetailers

As NACS' Doug Kantor says in the story, merchants can’t simply turn away holders of rewards cards, which account for more than 80% of credit cards: “Merchants can’t afford to say no to most of the cards out there."

From the story: "You can't just suddenly tell more than 80% of your card customers you're not going to take their cards," Stephanie Martz, the NRF's general counsel, said in an interview. "You would lose a lot of business."

As NACS' Lyle Beckwith says in the story, “No one should be fooled by the credit card industry’s smoke and mirrors. ... This proposed settlement endorses business as usual, including by letting Visa and Mastercard increase their own fees without any restraints.”

As NRF General Counsel Stephanie Martz says in the story, the proposed reduction "is a small fraction of the 2.35% average swipe fee charged to merchants in 2024 and equivalent to rolling back fees by only about one year." The #CreditCardCompetitionAct is still needed.

“It is simply unfair for merchants to pay #swipefees on tax and tip money that they must give to the state or employees.” @ILRetail @GovPritzker @NACSonline @doug_Kantor #CreditCardCompetitionAct @SenatorDurbin @DTPaymentNews #creditcard

In suing over Illinois’ ban on #creditcard #swipefees on sales tax & tips, banks “want the court to ignore the fact that banks don’t set swipe fees & that @Visa & @Mastercard do.” #CreditCardCompetitionAct @ILRetail @GovPritzker @NACSonline @doug_Kantor https://t.co/mPfAiCIPt7

“Banks hide behind price-setting by those #creditcard giants — and now the credit card giants are trying to hide behind banks in court to overturn a sensible law.” #CreditCardCompetitionAct @ILRetail @GovPritzker @NACSonline @doug_Kantor @Gifts_and_Dec https://t.co/9imrszPylO

MPC says a proposed settlement in antitrust litigation over @Visa and @Mastercard’s #creditcard #swipefee practices ignores a federal judge’s reasons for rejecting the last proposal and should also be rejected. #CreditCardCompetitionAct @FMI_ORG @WSJ

Pass the Credit Card Competition Act and lower costs for New Yorkers | Opinion @Sen_Gounardes https://t.co/bqWxXo5O2b @lohud @theNYCalliance

“Whether it’s annual fees charged directly to consumers or processing fees charged to merchants that drive up prices consumers pay banks are taking more out of our pockets every day." #CreditCardCompetitionAct #creditcard #swipefees @NRFnews @Gifts_and_Dec