GAO releases report on Interchange fee report
Posted by: Curtis Stevens on November 23rd, 2009

I see that the GAO released a report saying if congress regulated or placed a cap on Interchange fees, it would benefit consumers and urges them to act. I have a feeling we are getting very close to some type of regulation in the credit card processing industry. Is anyone else worried? As long as our position in this business isn’t affected, I wouldn’t care that much really, but that is the concern. Whenever the government gets involved with anything, it never turns out for the better. Politics & business do not mix! I hope V/MC are not too cocky on this topic and consider stop raising rates for a year or two and maybe lower some to ease the whole tension among the industry and merchants.

This is the one time I hope all the lobbyist the banks have in congress come through & block any regulation…

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