Visa and Mastercard Make Changes To State Treasurers' Comment on Proposed Federal Reserve Rule ChangePublished on August 5, 2022
On July 20, 2021, SFOF President Derek Kreifels announced SFOF's upcoming meeting in Salt Lake City would include a discussion with Paul Russinoff and Rachele Trigueros from Visa as well as Patrick Dwyer from Mastercard. Kreifels explained the Visa and Mastercard affiliates "will discuss a proposed regulation change impacting prepaid disbursement programs" and noted SFOF "appreciate[s] Visa and Mastercard for bringing this to [SFOF's] attention."
On August 5, 2021 Kreifels further flagged this "important proposed rule change by the Federal Reserve" that would effect Visa and Mastercard. Both Visa and Mastercard are SFOF sponsors: Mastercard is a "Gold Sponsor" while Visa is a "Silver Sponsor." According to SFOF's 2021-2022 "Look to the States" report, Gold sponsors paid $50,000 in 2021 to receive the following benefits: "Column in e-newsletter," "Sponsor of opening dinner," "Included as sponsor for e-blasts," "One 30-45 minutes virtual private meeting," "Potential to contribute speaker to panel discussion," "'Sliding logo' on home page of SFOF.com," "Invite to SFOF special events," "Distribute in conference swag bags, logo on digital agenda," "Recognition on event web page," "Recognition on-site signage," "Distribute material at conference registration" as well as "Discounted registration rate for additional guests." Silver sponsors paid $25,000 in 2021 to receive all of the benefits granted to Gold sponsors, except for "Column in e-newsletter" and "Sponsor of opening dinner."
Kreifels included a message from Paul Russinoff of Visa who explains how "[Visa] made some changes to the proposed letter (attached) incorporating the concerns over online fraud that the Fed proposal would sadly encourage."
Russinoff's changes were incorporated into the final August 2021 letter regarding Docket No. R-1748: Debit Interchange Fees and Routing. The letter is from multiple SFOF state treasurers as well South Dakota Treasurer Josh Haeder and Secretary of Finance, Commonwealth of the Northern Mariana Islands David Atilig.
Public records request. Obtained by Documented.