Over the past 20 years, credit cards have become an increasingly popular means of paying for goods and services in Canada. Today nearly 90 percent of Canadian adults own a credit card and approximately 65 percent of all point of sale payments are made using credit cards.
During the past decade, academics—predominantly scholars of behavioral law and economics—have increasingly turned to the claimed insights of behavioral economics in order to craft novel policy proposals in many fields, most significantly consumer credit regulation.
The Durbin Amendment to the Dodd-Frank financial reform legislation capped debit card interchange fees for banks with assets of $10 billion. Credit card and prepaid card interchange fees were not regulated.