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Brian Albrecht: FTC asks Visa to monitor bank account closures beyond its control
Brian Albrecht comments that the U.S. Federal Trade Commission is not only instructing Visa to refrain from debanking individuals, but is also requiring Visa to monitor its bank customers' individual account-closure choices.
Albrecht emphasizes that Visa does not have direct visibility into these decisions and lacks practical ability to control them.
Albrecht has previously noted that market power estimates often include unexplained factors not captured in economic models. In another comment, he attributed recent inflation to profits and greed. His recent statements continue to dissect the limits of control within financial institutions.
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