100 Members of Congress Address VISA CEO

Published on September 18, 2022
Duration: 8:43

This video discusses a letter sent by 100 Republican members of the House to Visa CEO Alfred Kelly, expressing concern over the implementation of a new firearm-specific Merchant Category Code (MCC). The letter, spearheaded by Representative Elise Stefanik, questions Visa's criteria for flagging transactions, potential impacts on lawful purchases, and the circumvention of federal restrictions on firearm registries. The video highlights the role of Amalgamated Bank in pushing for the MCC and the potential for it to be used for surveillance.

Quick Summary

100 members of Congress have written to Visa's CEO expressing concern over a new firearm-specific Merchant Category Code (MCC). They argue it infringes on Second Amendment rights, could be used for surveillance, and may circumvent federal laws against firearm registries, questioning Visa's criteria for flagging transactions.

Chapters

  1. 00:00Introduction and Event Recap
  2. 00:53Letter from Congress to Visa CEO
  3. 01:13Questions Posed to Visa
  4. 01:38Tracking Firearms Sales
  5. 02:02Firearm-Specific Merchant Category Code (MCC)
  6. 02:25Existing MCCs for Firearm Sales
  7. 03:00Visa's Previous Stance on MCCs
  8. 03:35Amalgamated Bank's Intentions
  9. 03:58New York AG's Statement
  10. 04:10Defining 'Suspicious' Purchases
  11. 04:43Key Questions for Visa
  12. 05:00Criteria for Flagging Transactions
  13. 05:22Publicizing Flagging Criteria
  14. 05:29Customer Notification and Feedback
  15. 05:39Notification of Flagged Transactions
  16. 05:50Reputational Risks for Visa
  17. 06:10Firearms Registry Restrictions
  18. 06:23Input from Firearms Industry
  19. 06:36DOJ Data on Criminal Firearm Acquisition
  20. 07:00Anticipating Visa's Response
  21. 07:05Previous Senatorial Pressure
  22. 07:27Community Pressure and Stock Impact
  23. 07:54Visa's Initial Stock Drop
  24. 08:19Conclusion and Call to Action

Frequently Asked Questions

What is the primary concern raised by 100 members of Congress regarding Visa's new policy?

The primary concern is the implementation of a firearm-specific Merchant Category Code (MCC), which they believe is an assault on Second Amendment rights and could lead to intrusive surveillance and the circumvention of federal restrictions on firearm registries.

What are the existing Merchant Category Codes (MCCs) that previously covered firearm sales?

The existing MCCs that captured legal firearm sales were 5999 for Miscellaneous Retail Stores and 5941 for Sporting Goods Stores. The new code is specifically for firearm retailers.

What actions did Amalgamated Bank take regarding a firearm-specific MCC?

Amalgamated Bank applied for a firearm-specific MCC. Their initial application was denied by the ISO in 2021, but they reapplied and were successful in June 2022, leading to the creation of the new code.

What questions do the members of Congress want Visa to answer about the new MCC?

They want to know Visa's criteria for flagging transactions, how these criteria focus on criminal intent, if Visa will publish these criteria, how customers will be notified, and if Visa considered reputational risks and federal registry restrictions.

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