March 15, 2011 12:59 PM Eastern Daylight Time
MasterCard Statement on Debit Interchange Fee Study Act
PURCHASE, N.Y.--(BUSINESS WIRE)--MasterCard is pleased that members of the United States Senate have come together to introduce the Debit Interchange Fee Study Act, a bill calling for a study and delay in the implementation of the Durbin Amendment. Since the passage of the Durbin Amendment and following the Federal Reserve’s proposed rules, concerns regarding the impact have been raised by organizations representing small financial institutions and credit unions, consumer groups, a variety of federal regulatory bodies and consumers themselves.
“We are encouraged by the bipartisan support calling for a study and delay of the Durbin Amendment and if passed, the bill will enable Congress to take the necessary time to examine the Amendment and study its potential effects on consumers”
“We are encouraged by the bipartisan support calling for a study and delay of the Durbin Amendment and if passed, the bill will enable Congress to take the necessary time to examine the Amendment and study its potential effects on consumers,” said Noah J. Hanft, MasterCard general counsel. “We are confident that a study will show that directing the government to fix prices rather than letting the free market system work will result in higher prices for consumers.”
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
Contacts
Permalink: http://www.businesswire.com/news/home/20110315006813/en/MasterCard-Statement-Debit-Interchange-Fee-Study-Act
