The rule “creates significant competition concerns” and “raises substantial antitrust concerns” by allowing third parties to establish fees on behalf of otherwise-competing federal credit unions, MPC said.
For merchants, swipe fees are among the biggest operating costs after labor.
The law was initially set to take effect this July, but the state legislature postponed it for one year while the lawsuit is pending.
The MPC and the NRF both issued statements welcoming the introduction of an amendment that would fold the CCCA into the GENIUS Act
