Visa and Mastercard presented their rationale for maintaining the interchange and card network status quo at a May 4, 2022, hearing of the Senate Judicial Committee, chaired by Sen. Richard Durbin, D-Ill. He was the force behind regulation of debit card interchange and network access through an amendment to the 2010 Dodd-Frank Act. Now, he's taking another swing at the major card brands, protesting their recent interchange increases and presenting proposals to loosen the stronghold the two companies have on credit and debit card networks.
This issue's lead article covers compelling arguments made from differing perspectives on these issues at the hearing. We have data on the impact of the Durbin Amendment; we have only educated projections on the impact Durbin's new proposals might have. It looks like now is a good time for those invested in the outcome of new regulatory efforts to get involved and reach out to their senators and representatives in Congress.
It's also an excellent time for professionals invested in the payments industry to get involved in the tradeshows that are opening for in-person interactions with gusto. And one of our contributors discusses the many benefits to joining peers at upcoming shows, including the Southeast Acquirers conference taking place June 13 to 15, and the Midwest Acquirers show coming up July 27 and 28. Other topics explored by our contributors include why BNPL works best as part of an end-to-end digital commerce solution; how one fintech startup with a galvanizing concept is beating the odds; and an explanation of cash discount and surcharge rules and why it's essential to heed them.
We publish news stories regularly on www.greensheet.com and have highlighted a portion of those in this issue, including a report on multiple challenges small and midsize businesses face now; a meeting between leaders in financial services and payments and government officials in Washington, D.C.; Chase's full-throttle support for Small Business Week; and a report on best practices for U.S. money services businesses for implementing risk-based anti-money laundering programs.
We've also included updates on milestones within the payments community, including recent executive appointments, company acquisitions, research, partnerships, specifications and guidance, and awards and honors. You'll also find company and product profiles and words of inspiration—all of which offer to help empower you in your career. Please send us your feedback at email@example.com, and keep your news coming to firstname.lastname@example.org.
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