Little Pro-Consumer About Washington's Attacks on Credit Cards

The Biden Administration’s recent lawsuit against Visa for violating antitrust law is just the latest of a series of actions intended to constrain the actions of credit card companies in the last four years. For instance, the Federal Reserve is in the process of revising its debit card regulations to lower the fee ceilings that already exist on debit cards, the Consumer Financial Protection Bureau recently imposed caps on late fees, and Donald Trump has proposed ceilings on credit card balance interest rates. The recently-proposed Credit Card Competition Act would dramatically change the very nature of the credit card industry.