A study to be released this week by The Hispanic Institute and University of Pennsylvania economist Efraim Berkovich confirms that the costs of credit and debit cards are unfairly distributed in the United States today.

Gus West, Chairman of The Hispanic Institute, which sponsored the research said, “Hidden credit card interchange fees, also known as swipe fees, have created a ‘Reverse Robin Hood’ situation in which Visa, MasterCard and major banks win while everyday Americans lose.”  The report found that through imposing swipe fees on every transaction paid by plastic and requiring those fees to be buried in prices to consumers, the credit card industry ensures that the top 10% of Americans get $354 million in frills while the bottom tier pays $669 million more than they should.

The Hispanic Institute is sharing the results of the study with Members of Congress, including the Congressional Hispanic Caucus, several of whom have expressed interest in reforming hidden fees to subsidize credit card users.

WHAT:  Telephone Press Conference with Gus West, Chairman of the Hispanic Institute, and University of Pennsylvania economist Efraim Berkovich to discuss a new study that demonstrates the impact of  hidden credit card fees on the poor          

WHO:  The Hispanic Institute

WHEN: Thursday, November 19, 10:00am Eastern

DIAL-IN: 1-517-417-5000 Passcode: 440614

 

The Hispanic Institute is a 501(c)3 designated nonprofit organization providing an effective education forum for an informed and empowered Hispanic America.