A new proposal for regulating credit cards could shake up the payments industry in more ways than one.
Two U.S. senators are introducing what might be considered follow-up legislation to the so-called 2010 Durbin amendment. The 2010 measure established new rules for debit cards, including for so-called interchange fees set by card networks and paid by merchants to banks that issue cards. The new proposal would focus on credit cards and is aimed at enabling more competition among card networks with the intention of lowering fees for merchants and, hopefully, ultimately benefiting consumers.