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Last Thursday, two Congressional hearings took place in the U.S. House of Representatives that demonstrate just how far America has drifted from its founding principles.
In 2010, Congress capped fees for debit card networks so merchants don't get gouged by Visa and Mastercard. But the Fed stuck in a loophole for Discover. And that is leading Capital One to buy it.
Based on 2023 numbers, the deal would make Capital One the largest credit card lender in the United States.
This edition of Fintech Flash identifies key issues we anticipate will impact the payments industry in 2024. First, the payments regulatory landscape continues to evolve...