New Credit Card Regulations Will Hurt Consumers And Small Business

OBSERVATIONS FROM THE FINTECH SNARK TANK

Proposed government regulations would change how credit card payments are processed, impacting how much financial institutions can charge merchants for payment transactions.

The Credit Card Competition Act of 2023—nicknamed “Durbin 2.0” after its co-sponsor, Sen. Dick Durbin, who enacted debit card regulations following the passage of the Dodd-Frank Act in 2010—would require every credit card transaction to have two networks—one of them not Visa or Mastercard—enabled to route transactions.