The federal government’s distortion of the payment transaction market has raised costs and reduced revenues for banks and credit unions while providing no benefits to consumers. If Congress or the Biden administration further encroaches on this market via legislation or executive action, consumers will continue to see fees go up on deposits, and banks, credit unions, and payment card networks will lose more revenue and be forced to reduce services to consumers.
The data from the Federal Reserve clearly shows that no government mandate is necessary to keep fees steady--market forces are already doing this.
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