When regulation kicked in to lower credit card fees and interest rates.

Interesting findings here, demonstrating that the market was not perfectly efficient nor competitive. Maybe because of a high barrier to entry? “We use a panel data set covering 160 million credit card accounts and a difference-in-differences research design that compares changes in outcomes over time for consumer credit cards, which were subject to the regulations, to changes for small business credit cards, which the law did not cover.” See the appendix for fun charts. ~ learn more