Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Treasury Department 08/08/22
CFPB 08/01/22
Commerce Department 06/29/22
Federal Reserve 05/20/22
Federal Reserve Board 04/22/22
CFPB 04/08/22
Federal Reserve Board 02/01/22
Federal Reserve Board 01/03/22
Federal Reserve Bank of Boston 12/10/21
Commerce Department 11/09/21

Testimony

Title Committee Presenter Date
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19

Payments News

‘Buy now, pay later’ surge deflates merchant interchange push

July 13, 2022

While merchants are urging regulators to expand the Durbin Amendment, the recent surge of “buy now, pay later” is deflating their interchange arguments, according to ICBA’s latest blog post.

Merchant, Consumer Cost: In Main Street Matters, ICBA’s Deborah Matthews Phillips writes that merchants will gladly pay significantly higher transaction fees for BNPL loans than they do for credit cards while ignoring the potentially negative effect on consumer protections.

Flawed Argument: “The argument that credit card interchange results in higher costs is illogical and disingenuous when merchants are actively promoting other forms of more expensive unsecured personal credit while simultaneously decreasing consumer protections,” Matthews Phillips writes.

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