Fair business practices and consumer rights in the credit card industry are being regulated by six different entities depending on the classification of the card issuer. This fragmented system exists despite the fact that the rules regarding business practices and consumer rights laws are the same for all credit card issuers.
Imagine you discover a burglar in your house and call the police. They arrive to make an arrest, but when they show up, they do nothing. They tell you you’ve called the wrong police. The police officers that arrived at your home only deal with criminals whose last name start with Q through S and this guy’s last name starts with a B. Moreover, the officers who are in your home tell you they won’t call the officers who deal with bad guys with last names beginning in B because they’re in competition with each other. Too bad too, because the guys who showed up are really good at prosecuting burglars but the guys you should have called are a little behind the times in that capacity. And of course, because of the competition, the two different police departments don’t share information.