B2B Vault Episode 84: Congress & Credit Card Fees

In today's podcast, we dive into what is going on with congress and credit card processing. Two articles came out about these hearings and a "Bill" that is sitting on the Senator. Dick Durbin's desk. The first was in the capitalist - an opinion stating that if interchange was more regulated, it would cause a lot of harm to small banks, credit unions, and local banks. Florida Credit Union Association was urging Senators not to go along with this proposal.

https://thecapitolist.com/congressional-proposal-might-put-your-local-credit-union-out-of-business/

In another article in payments dive

https://www.paymentsdive.com/news/visas-ceo-braces-for-legislation/624603/

We discuss these two articles - it is more about the mid-term elections and a lot of posturing and blame being put on big companies. The real deal is this - congress needs to stay out of private business - because business always makes adjustments when Congress makes laws. Also, who owns these companies? - the card companies and banks are not owned by one individual although that is what they try to spin - these companies are owned by shareholders, stockholders, investors in the stock market, people who have a 401K, people who have IRA's, etc.. the public are the owners of these companies.

The other reality is this; Congress does not understand how credit works, and they do not understand how credit card processing works, either. If congress wants to call me - I can come up to Washington DC and do a whiteboard demo and explain to them how these systems work, how complex they are - when I hear a guy from the National Retail Federation say at another hearing how the credit system is broken - here is another example of how out of touch these people are with reality. Some suggestions on what the card brands should do - listen in we talk about some easy changes that could be made. And also why regulation will not work because congress has no clue about how the business really works.

Enjoy

Carpe Diem - Seize the Day

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