Dodd-Frank and the CARD Act legislation were enacted to bring greater transparency and fairness to the system. They are both under enormous scrutiny and undoubtedly will need to be tweaked in significant ways as we all adjust to an ever-evolving economic and regulatory environment. They need time to spread their wings and we need time to properly evaluate their strengths and weaknesses. For now, we should all take a breath and stop trying to kill both the message and the messengers. Frankly, I think we are in transition from a closed anti-competitive environment to a system in which credit and debit charges are transparent and consumers will have the opportunity to better understand what they are getting for their money and why. And in the words of Martha Stewart, that's a very good thing.
Adam Levin is chairman and cofounder of Credit.com. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.