Indeed, globalization has been reshaping not only the financial, but also the real economy for at least the last three decades. The interactions of developments in both the financial and real economies have expanded cross-border asset holdings, trading, and credit flows. In response, financial intermediaries, including banks and securities firms, have increased their cross-border operations.
The card associations and private-sector rulemaking organizations complement these regulatory protections and disclosure requirements by offering additional rights, protections, and notices. For example, the card associations provide consumers with "zero liability" for certain unauthorized credit and debit card transactions that are processed on their networks.