Merchants have been challenging surcharge bans in numerous states on free-speech grounds. They have the wind at their backs following another court victory on Wednesday.
America’s largest lenders made an epic mistake a decade ago when they cashed out of Visa and Mastercard through initial public offerings, says Chenault, who will step down in February as CEO of American Express.
Brian Johnson joins agency as senior adviser to acting director Mick Mulvaney; CME and Cboe are expected to begin trading bitcoin futures in the next few weeks.
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.
New entrants don’t pose a disruptive threat to the incumbent cohort of issuers, credit card networks and acquirers primarily because the incumbents — Visa, Mastercard and First Data — are prepared to compete in all segments of the market.
Why choose a former Visa chief to run a custody bank? Because to survive long term, Bank of New York Mellon will have to look more and more like a payments company.
