Payments

Letters and Testimonies

Letters to Regulators

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Title
Recipient
Date
06/30/25
05/30/25
12/16/24
Consumer Financial Protection Bureau08/01/24
06/11/24
Federal Reserve05/11/24
Basel Committee on Banking Supervision03/28/24
Federal Reserve, Justice Department, Treasury Department03/22/24
BIS Committee on Payments and Market Infrastructures02/28/24
Letter to Regulators01/30/24
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Testimony

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Title
Committee
Presenter
Date
House Financial Services CommitteeWritten Statement04/01/25
Senate Banking CommitteeWritten Statement03/12/25
House Subcommittee on Digital Assets, Financial Technology and InclusionWritten Statement09/13/23
Senate Banking CommitteeWritten Statement02/13/23
Senate Banking CommitteeWritten Statement07/28/22
House Financial Services CommitteeWritten statement05/25/22
Senate Banking Hearing02/15/22
House Financial Services CommitteeWritten statement02/08/22
Senate Banking CommitteeWritten Statement12/14/21
House Financial Services CommitteeWritten statement12/07/21
HSFC09/29/20

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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