Joseph Saunders, Visa CEO and Chairman of the Board, stated this week that the Federal Reserve’s proposed debit card regulations could not only harm both large and small financial institutions, both consumers and the overall economy as well.
In this op-ed published in American Banker, Saunders also noted that the regulations have been panned by analysts, financial institutions of all sizes and even the chief authors behind the bill, Senator Dodd and Representative Frank. In addition, he argued that small financial institutions might not be able to avoid “the impact of the interchange price caps on their larger competitors.”
“Having spent my entire career working with financial institutions of all sizes, I can say that there are often issues on which large and small financial institutions disagree… but the industry is nearly unanimous in its concern over the debit provisions of Dodd-Frank, and with just cause,” wrote Saunders in the op-ed.
Saunders appealed to Congress to reassess the proposed regulations in order to avoid unattended consequences. Click here to read Saunders’ complete op-ed piece.
Related Article: Visa Inc. Statement Regarding the Federal Reserve’s Recommendations on the Dodd-Frank Act
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More