I don’t recall Visa or MasterCard getting any handout during the bailout period. In fact, they have spent billions in product innovation and risk management. Consumers have benefited from rewards programs, zero-liability programs and quicker checkout processes.
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Durbin fails to address the network-routing issues, which apply to every debit-issuing financial institution and could cost billions for them to reissue debit cards due to expanded routing requirements.
What’s next? Regulating the fees for check guarantee and verification so that First Data doesn’t get a ‘handout?’
Laurence De Palma
TDG-Phenix Inc.
