We Don't Need More Credit Card Fee Laws

Odysseas Papadimitriou is founder and chief executive officer of Evolution Finance, the parent company of Wallet Blog and Card Hub, an online marketplace for credit cards.

Disagreements between merchants and banks concerning interchange fees for credit card purchases have prompted Sen. Dick Durbin (D) to introduce yet another piece of legislation to the U.S. Senate.

The legislation would create a panel of judges to help facilitate a settlement between the merchants and banks. With four major credit card networks out there -- MasterCard(MA Quote), Visa(V Quote), Discover(DFS Quote) and American Express(AXP Quote) -- and a variety of private-label cards issued by large merchants, it's hard to see why the government is being asked to step in to settle this dispute.

The government already has added more regulations to the credit card industry via the Credit Card Act of 2009. I support the act on the position that the legislation was needed to stop deceptive practices, which prevented consumers from being able to accurately estimate the true costs of obtaining a credit card. However, this doesn't mean that government regulation is needed in all aspects of the credit card business. ...