Press Releases
Currently showing results related to Swipe Fees
Durbin Files Amicus Brief In Support Of Illinois Interchange Fee Prohibition Act
CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee and author of the Durbin Amendment, filed an amicus brief in the District Court for the Northern District of Illinois in support of the recently enacted Illinois Interchange Fee Prohibition Act (IFPA). IFPA, which was signed into law on June 7th, bars the charging of interchange fees on the tax and tip portions of credit and debit card transactions. Last month, the Illinois Bankers Association, alon… Continue Reading
07.09.24
Durbin Discusses Interchange Fees With Federal Reserve Chairman Jerome Powell
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) today spoke with the Chairman of the Federal Reserve, Jerome Powell, to receive an update on the status of economic and monetary policy in the U.S. During the meeting, Durbin stressed the importance of ensuring that the biggest banks and card networks fulfill their obligations to charge reasonable and proportional interchange fees for debit card transactions—and protect consumers, who pay these hidden fees in the form of higher retail pr… Continue Reading
06.25.24
Durbin, Marshall Statement On Judge Rejecting Visa & Mastercard Settlement With U.S. Merchants To Address Excessive Swipe Fees
CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Roger Marshall, M.D. (R-KS), lead sponsors of the Credit Card Competition Act, today released the following statement after U.S. District Judge Margo Brodie rejected the Visa and Mastercard settlement with U.S. merchants to temporarily lower credit interchange rates and cap those rates into 2030: “We’re pleased Judge Brodie rejected this settlement, which we felt only temporarily pr… Continue Reading
04.18.24
Durbin, Marshall Hold Press Conference with the National Restaurant Association to Highlight the Impact of Swipe Fees on Local Restaurants
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Roger Marshall, M.D. (R-KS) along with the National Restaurant Association and restaurant operators from Illinois and Kansas, held a press conference on the need to pass their Credit Card Competition Act, bipartisan legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly. Swipe fees are t… Continue Reading
03.26.24
Durbin Statement on Visa & Mastercard Settlement with U.S. Merchants to Address Excessive Swipe Fees
CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee and the lead sponsor of the Credit Card Competition Act, today released the following statement regarding the news that Visa and Mastercard reached a settlement with U.S. merchants to lower credit interchange rates and cap those rates into 2030: “At a time when hard-working Americans and small business owners are struggling with higher costs of everyday essentials like gas and groceries, reducing the… Continue Reading
03.26.24
Durbin Statement on Visa & Mastercard to Settlement with U.S. Merchants to Address Excessive Swipe Fees
CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee and the lead sponsor of the Credit Card Competition Act, today released the following statement regarding the news that Visa and Mastercard reached a settlement with U.S. merchants to lower credit interchange rates and cap those rates into 2030: “At a time when hard-working Americans and small business owners are struggling with higher costs of everyday essentials like gas and groceries, reducing the… Continue Reading
11.08.23
Durbin, Gooden Request Accounting for Exorbiant Swipe Fees Being Paid by Federal Government
WASHINGTON – Today, U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Representative Lance Gooden (R-TX-05) requested a comprehensive review by the Government Accountability Office (GAO) detailing the federal government's interchange fee expenses over the last five fiscal years. This request highlights the exorbitant credit card interchange or "swipe" fees, a staggering burden the federal government and, in turn, American taxpayers, pay at around $240 million every year. In addition to Dur… Continue Reading
10.05.23
Durbin Meets with Fareway Stores CEO to Discuss Swipe Fees
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, met with Reynolds Cramer, CEO of Fareway Stores, to discuss the impact of credit card swipe fees. Earlier this year, Durbin and U.S. Senator Roger Marshall, M.D. (R-KS) introduced their Credit Card Competition Act, bipartisan legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly. The legislation is esti… Continue Reading
08.31.23
ICYMI: “Credit Card Companies Urged by Senators to Cancel Plan to Raise Swipe Fees”
WASHINGTON – In case you missed it, Bloomberg highlighted calls from U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Roger Marshall (R-KS) for Visa and Mastercard to withdraw their reported plans to raise credit card fees. Durbin and Marshall are lead sponsors of the Credit Card Competition Act, which would enhance competition and choice in the credit card network market which is currently dominated by the Visa-Mastercard duopoly. Building… Continue Reading
08.30.23
Durbin, Marshall Statement on Reports VISA & Mastercard Plan to Increase Swipe Fees on American Families and Businesses
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Roger Marshall, M.D. (R-KS), lead sponsors of the Credit Card Competition Act, today released the following statement regardingreports that Visa and Mastercard plan to raise their interchange fee rates in October and April: “We strongly urge Visa and Mastercard to withdraw their plan to raise credit card fees on small business owners and hard-working American families. “Accordin… Continue Reading
09.30.22
Durbin, Marshall Introduce Amendment to NDAA to Address High Swipe Fees Affecting Our Veterans
WASHINGTON - U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) introduced two amendments to the National Defense Authorization Act (NDAA) to address excessively high credit and debit card swipe fees that burden American consumers, small businesses, and veterans. Their first amendment would direct the Department of Defense (DoD) and the Treasury Department to issue a report about a current law, 10 USC 1065, that requires some veteran populations including P… Continue Reading
05.04.22
Durbin Questions Visa And Mastercard Witnesses At Hearing On Credit And Debit Card Swipe Fees
WASHINGTON - During today's Senate Judiciary Committee hearing entitled "Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems," U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, asked Bill Sheedy, Senior Advisor to the Chairman and CEO of Visa Inc., about a statement on a January earnings call by Visa Chief Financial Officer Visant Prabhu, that Visa benefitted from inflation. "On a January 27th earnings call, [Visa CFO Visan… Continue Reading
05.04.22
Durbin Delivers Opening Statement At Senate Judiciary Committee Hearing On Credit And Debit Card Interchange Fees
WASHINGTON - U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today delivered an opening statement during the Senate Judiciary Committee hearing entitled "Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems." This hearing will examine interchange fees and other anticompetitive practices in the credit and debit card industries, and how rising interchange fees lead to higher consumer prices for goods and services and add to in… Continue Reading
03.11.21
Durbin Highlights His Efforts to Bring Fairness, Transparency, and Competition to Credit & Debit Card Swipe Fees
WASHINGTON - U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today delivered an opening statement during a Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Protection hearing titled, "Competition Policy for the Twenty-First Century: The Case for Antitrust Reform." During his statement, Durbin discussed his longstanding efforts to bring fairness, transparency and competition to credit and debit card interchange, or swipe, fees. The 201… Continue Reading
07.27.20
Durbin And Welch To Fed: Excessive Debit Swipe Fees Are Hurting Merchants During Pandemic
WASHINGTON - U.S. Senator Dick Durbin (D-IL) and U.S. Representative Peter Welch (D-VT) sent a letter to Federal Reserve Chairman Jerome Powell expressing concern over troubling debit card industry practices that are diminishing competition and costing American merchants potentially billions in excessive swipe fees. Under current law, enacted as part of the 2010 "Durbin Amendment," banks that issue debit cards must enable at least two unaffiliated debit networks to be available for each debit c… Continue Reading