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So, if you’re a merchant trying to stay compliant or a consumer just trying to make sense of what you’re being charged – it’s worth understanding where these rules come from and what they mean. These networks set the terms for how their cards can be used, and if you want to accept their payments, you agree to play by their rules.
Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protectingconsumers in the financial marketplace. It monitors and enforces regulations related to payment products and services to ensure fair treatment and transparency for consumers.
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