Is the Credit Card Competition Act Good For Anybody?

The Credit Card Competition Act of 2023 aims to shake up the payments industry, but would its intended consequences actually happen? Let's dive into the proposed legislation that would let merchants route transactions through networks beyond just Visa and Mastercard.On this episode, Ron talks with Michele Alt (Co-Founder of the Klaros Group and former OCC Official), to explore whether this act would truly increase competition and lower costs for consumers and merchants alike. Or might it have unintended consequences that could negatively impact smaller banks, enable fraud, reduce tax revenue, and more?Get the insider take as we debate the merits and potential pitfalls of this bid to transform the credit card processing business. The hosts draw on decades of combined experience to pick apart the proposal and foresee its ripple effects.Whether you're a policy wonk or just pay with plastic, this episode breaks down the ambitious Credit Card Competition Act from every angle. Tune in to help shape your own informed opinion.Subscribe to What's Going On In Banking for the latest in Fintech, financial services, and everything banking!