Always a useful source and good intellectual read, the Kansas City Fed has released an update on Interchange legislation in the U.S. It definitely seems like legislating controls on the payments industry is gaining substantial momentum in the U.S. for the first time.
However, we don’t think it is going to happen now.
Given the state of the banks over the past few years, it would be hard to remove a substantial revenue source from them. During the boom of 2000, it would have been easy. Even Canada, fraught with challenges from Visa and MasterCard to Interac Association, is hard-pressed to agree on legislation across the board.
Federal Reserve Bank of Kansas City: An Update on Interchange Legislation in the United States
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