While the newly signed financial law aims to regulate America's economy, Wells Fargo & Co. Chief Executive Office John Stumpf said that banks won't be the only ones bearing the burdens of the government regulations, according to Bloomberg. Wells Fargo has already passed "on costs by charging for checking accounts and raising interest rates on credit cards and loans." JPMorgan CEO also said that higher fees and credit card rates are a possibility, and Bank of America CEO Brian Y. Moynihan said that the bank was looking for ways to compensate for the "lost revenue and increased costs" due to the new law.

Stumpf said in an interview, "We'll try to tighten out belt and absorb some of the costs of compliance, but some costs may change and customers might pay for their financial services in new ways." While Bank of America's Moynihan states that the costs of the regulations could be $2.3 billion, Stumpf said it was too early to tell for Wells Fargo because they were still determining more ways to offset losses.

Stumpf and other card industry executives also expressed their disapproval for the Durbin Amendment, a part of the new law that gives the Federal Reserve authority to "limit interchange, or 'swipe' fees, that merchants pay for each debit-card transaction." It additionally would allow merchants to refuse credit card payments of less than ten dollars and offer discounts based on how their customers paid. 

While some in the card industry believe this would not benefit consumers and is a form of price control, Texas Petroleum Marketers and Convenience Store Association (TPCA) President Chris Newton say it's "an important first step" with the swipe fee structure, according to NACSOnline. Newton's reported to a House Subcommittee today that because of structure's anticompetitive nature, the Durbin Amendment would make up "for the fact that there is no downward price competition currently for debit card interchange fees."