Though there were doubters, the Federal Reserve and Federal Trade Commission recently proved that there is a cop on the beat ensuring that the debit reforms passed by Congress are followed.

Banks and others have focused their attention on the limits to price-fixing that debit reform brought, but reform also called for networks to compete with one another for transactions.

Recommended Stories

The arrival of divided government

Abdul el Sayed defeats Mike Rogers in Michigan race, poised to become first Muslim senator

Jocelyn Benson wins Michigan gubernatorial race, continuing historic Democratic streak