MARCO ISLAND, Fla. — The impending regulatory changes in the card industry could offer opportunities for small and midsize issuers, according to executives and observers.

"We will begin to see a shift in the card industry, away from the old model of national lenders with strong direct-mail programs to one in which banks drive card customer acquisition through branch networks. This could benefit smaller and regional card issuers," Tony Hayes, a partner at Marsh & McLennan Cos.' Oliver Wyman, said last week at SourceMedia Inc.'s 21st Annual Card Forum & Expo here.

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