Massachusetts Credit Card Commission Weighs Interchange Rules Amid Illinois Legal Uncertainty

BOSTON — June 15, 2026 — Massachusetts credit card commission hears sharp industry divide on interchange fees at fifth public hearing. Co-chairs Representative James Murphy and Senator Paul Feeney convened the Special Commission to Study the Future of Payments on June 15, taking testimony from eight witnesses including Capital One Executive Vice President Andy Navarrete, Defense Credit Union Council Chief Advocacy Officer Jason Steverak, and Electronic Payment Coalition representative Steve Rauschenberger. Navarrete cited a newly approved preliminary settlement between Visa, MasterCard, and more than 12 million merchants that would deliver an estimated $38 billion in relief and trim credit interchange rates by 10 basis points for five years. Rauschenberger argued that any Massachusetts interchange law would hit only state-chartered institutions — naming Cape Cod 5 and Needham Bank — while leaving national banks untouched, and pegged average interchange at 2.1 percent, not the 5 to 7 percent some merchants report paying. Retailers Association of Massachusetts Senior Vice President Stephen Clark, himself a commission member, said his 4,000 members "can't go back" to him satisfied with benefit arguments when their core complaint remains the cost to accept cards. Written testimony is open through July 31, 2026, and the $240 million annual Massachusetts interchange bill on sales tax alone remains the figure anchoring the commission's deliberations.