The Clearing House, an advocacy group owned by the world’s largest commercial banks, has its gun sights on payment startups. It's a sign the incumbents wont stand idly by while start-ups break the rules.
Lawrence Uebel works in credit risk at Alliance Data. How to join the network Business Insider recently reported that “The Clearing House, an advocacy group owned by the world’s largest commercial banks, is gunning for payment startups.” Not surprisingly, the banks don’t enjoy being the only ones told to play by the rules. More to the point, though, forcing Wall Street regulations onto Silicon Valley is their approach to dealing with the threat of technology firms coming to eat their lunch.