Challenge Your Assumptions About the Elections

​In my last blog, I wrote about how government is more important than politics for trade associations like the IPA.
Now that we know the results of the election, the industry needs to keep in mind that nothing is guaranteed.

We all operate under certain assumptions, including that the Trump Administration will lead to a lighter regulatory burden and be better for banks. In May, The New York Times wrote that “some in Mr. trump’s circles are urging the campaign to consider more substantial – even institution-altering – changes to the central bank ... ultimately making the rules less onerous for financial institutions for instance.”

But let me ask a question.

How much does the Trump organization pay in interchange fees on transactions at its properties?

Hotels, golf courses, and resorts take in a lot of revenue, and cash is not the predominate form of payment in the United States.

Imagine someone from the Trump organization told the president elect over the next three weeks, “we found a way to save millions.”

This is purely a hypothetical, and I am not suggesting that it will happen.

But it is an example of how regulatory risks can still exist no matter who is in office.
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The industry still needs to have a voice in government, and the IPA is committed to working with its members to advocate for a regulatory environment that promotes innovation for its customers. 

​Ben Jackson is the Chief Operating Officer of the Innovative Payments Association, a leading trade association representing companies in payments. With over two decades of industry experience, Ben is dedicated to providing valuable information, advocacy, and support to help members improve financial outcomes for consumers, businesses, and government agencies.