Wednesday, July 16, 2008

Credit Card Fair Act of 2008

The ePaymentsnews Network reports that MasterCard urged the Judiciary Committee’s members to consider the organizations that have expressed concerns regarding the Credit Card Fair Act of 2008, which is set in place to ensure competitive market-based rates and terms for merchants’ access to electronic payment systems.

The major concern is that the bill will increase interest rates for credit cardholders, harm local businesses and threaten community-based banks. Several other organizations and companies are against the legislation, here are some of them: Department of Justice and the Federal Trade Commission, the Pentagon Federal Credit Union, Black Chamber of Commerce and Southern Christian Leadership Conference, and Nordstrom.

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