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NewsBriefs

This article contains excerpts from news stories recently posted under Shift4 to join S&P MidCap 400, replacing R1 RCM
Breaking Industry News on our homepage. For links to these and other
full news stories, please visit www.greensheet.com/breakingnews. Shift4 Payments Inc. joined the S&P MidCap 400 on Nov.
php. 20, 2024, replacing R1 RCM Inc., which is being acquired
by TowerBrook Capital Partners and Clayton, Dubilier &
Rice. The S&P MidCap 400, a key benchmark for U.S. mid-
size companies with market capitalizations between $3.2
billion and $13.1 billion, bridges the gap between larger
and smaller indices, signaling a company's financial sta-
bility and sector significance.

Shift4’s inclusion highlights its growth since its 2020 IPO,
driven by its innovative payment solutions for industries
like hospitality, retail and ecommerce. The company’s ad-
vancements in payment processing technology, strategic
acquisitions and revenue growth have solidified its mar-
ket position. Joining the index enhances Shift4’s visibility
among institutional investors and funds tracking the S&P
Durbin calls hearing on Credit Card Competition Act MidCap 400. Shift4’s elevation underscores confidence in

Senator Dick Durbin (D-Ill.), architect of the Durbin its trajectory as a leader in financial technology.
Amendment in the 2010 Dodd-Frank Act, is making a final Republicans pile on Visa, Mastercard
push for the Credit Card Competition Act before Demo- over interchange
crats cede control of the U.S. Senate. Durbin, who chairs
the Senate Judiciary Committee, held a hearing on Nov. The Credit Card Competition Act faced scrutiny in a Sen-
19, 2024, to discuss the legislation, dubbed "Durbin 2.0," ate Judiciary Committee hearing as lawmakers from both
which aims to promote competition in credit card trans- parties criticized Visa and Mastercard's dominance in set-
action processing. Representatives from Visa, Mastercard, ting interchange fees and routing card transactions. Co-
merchants, banking and consumer advocacy groups were authored by Senators Roger Marshall (R-Kan.) and Dick
invited. Durbin (D-Ill.), the bill targets large issuers, requiring
them to enable at least two networks for processing, only
The Act would require large credit card issuers (assets one of which can be owned by Visa or Mastercard. While
over $100 billion) to enable processing over at least two unlikely to pass this Congress, its principles may shape
networks, one of which cannot be owned by Visa or Mas- future legislation.
tercard. This proposal has bipartisan, bicameral support,
with sponsors including Sen. Roger Marshall, R-Kan., Sen. Senator Marshall argued that the legislation is feasible, cit-
Josh Hawley, R-Mo., and Vice President-elect J.D. Vance, R- ing JPMorgan Chase's adoption of an alternative network
Ohio, as well as several House members. Merchants cited in France. Durbin emphasized the need to disrupt Visa
the bill's benefits for competition and reduced interchange and Mastercard's "stranglehold." Both pointed out that
fees; banking groups argued it prioritizes merchant costs EU interchange fee caps haven't hindered the companies'
over consumer data security. profits.

Criticism of Visa and Mastercard included allegations
of anti-competitive behavior similar to those outlined in
Also find us on Facebook, a DOJ lawsuit accusing Visa of maintaining a debit mo-
LinkedIn & Twitter for the nopoly through "disloyalty penalties" and suppressing
most up-to-date stories, competition. Witnesses and lawmakers urged Visa and
can’t miss events and newest Mastercard to collaborate with merchants to create fairer
solutions.
industry announcements.
Visa Flexible Credential a 'game changer'
Visa launched the Visa Flexible Credential (VFC), a plat-
form enabling payments from multiple funding sources
through a single card. This aligns with Visa’s goal of be-
coming a comprehensive payment network, supporting
various transaction types beyond traditional credit and
https://www.facebook.com/TheGreenSheetInc debit, starting with buy now, pay later.
https://www.linkedin.com/company/the-green-sheet
https://twitter.com/The_Green_Sheet In the United States, Visa partnered with Affirm, offering
the Affirm Card to over 1.4 million users, enabling flexible
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