In a letter to Tom Wheeler, chairman of the Federal Communications Commission, and Richard Corday, director of the Consumer Financial Protection Bureau, Ben Milne, CEO of Des Moines, Iowa based payments innovator Dwolla asserts that a proposed FCC rule that would allow Internet bandwidth providers and mobile carriers to charge different companies varying fees for carrying their content represents a substantial threat to financial services innovation.

Wrote Milne:  “In response to the decision Verizon v. FCC, the FCC proposed a rule that we believe will harm both innovation and competition in the payments ecosystem. The rule tentatively concludes that both fixed and mobile providers of broadband Internet access, primarily phone and cable companies, should technically be able to discriminate amongst applications and to charge companies varying fees for varying levels of quality of service. This is a radical departure from how Internet access currently operates and is a grave threat to an open Internet and to every industry that relies on the Internet for commerce and innovation.”

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