Statement of CFPB Director Rohit Chopra on the Justice Department’s Lawsuit Against Visa

CFPB Director Rohit Chopra issued a statement regarding the U.S. Department of Justice's lawsuit against Visa, the payment network conglomerate. The lawsuit alleges Visa engaged in illegal conduct to prevent competition in the debit card market. This follows a previous action by the Justice Department to block Visa's illegal merger with Plaid, a growing competitor that had planned to launch a lower-cost debit product that might disrupt Visa's dominant position in debit services. The proposed deal was abandoned in 2021.

"For too long, Visa has taken a big cut out of most debit card transactions in the economy, pushing prices higher and siphoning away funds from families and small businesses. Visa's alleged violations of our nation's fair dealing laws have stifled new payment technologies and prevented lower-cost alternatives from gaining traction at checkout counters and online. Blocking smaller challengers from offering cheaper ways to move money undermines our country's economic dynamism."