Friday , January 19, 2018

Law and Regulation

Outspoken Merchant Advocate Mallory Duncan of the NRF To Retire

Mallory Duncan, senior vice president and general counsel of the National Retail Federation and one of the most outspoken advocates for merchants on payments issues, announced Thursday that he will retire at the end of August. “Whether you’re appealing to the Supreme Court, testifying before Congress or meeting at the …

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CFPB Considers Another Prepaid Rule Delay and other Digital Transactions News briefs

• The Consumer Financial Protection Bureau has issued a proposal adjusting certain provisions of its massive rule for prepaid accounts and asking for comment on whether the effective date for the rule should be delayed a second time. The proposed adjustments concern requirements for error resolution on unregistered accounts and wider flexibility for credit …

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House Republicans Favoring Durbin Repeal Stress Commitment to the Cause

By John Stewart @DTPaymentNews The Republican lawmakers who pushed a bill through the House of Representatives last week to radically reform the Dodd-Frank Act did so after abandoning a provision that would have repealed the Act’s Durbin Amendment. But they made it clear in floor debate on Thursday that they …

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Durbin Amendment Repeal Effort Lives On and other Digital Transactions News briefs

• While House Republicans have stripped from the Financial Choice Act a provision that would have repealed the Durbin Amendment, the effort to get rid of the law’s debit-interchange caps and routing rules is still alive. As the House voted to pass the Act, a trio of Congressmen spoke in the House on Thursday …

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Eleven States—But Not the DoJ—Ask the Supreme Court to Review AmEx Steering Case

By John Stewart @DTPaymentNews A landmark anti-steering case against American Express Co. is going to the U.S. Supreme Court. Attorneys general from 11 states have asked the high court to review a decision handed down in September by a federal appeals court that upheld AmEx’s policy of banning merchants from

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Payment Regulations Aren’t Keeping Payments Safe

There are several reasons why you can’t rely on law and regulation, says Ed Adshead-Grant. Here’s where they fall short and what you should do about it. Initiatives like open banking and faster payments have ushered in a whole new era in the world of business-to-business payments. The industry is …

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From the Wreckage of the Durbin Repeal Effort, Will ‘Son of Repeal’ Emerge?

The decision to strip repeal of the Durbin Amendment from a Dodd-Frank overhaul bill puts a brake on the movement to get rid of the amendment’s debit card rules, but that may not necessarily be the end of the matter. Leading advocates for repeal vow to keep fighting, while a …

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‘Passive’ Biometrics Set To Take an Active Role in Payment Fraud Control

With little fanfare, so-called behavioral biometrics began appearing on the radar screens of payment card security executives about two years ago. Now, however, experts predict behavioral biometrics will assume a more prominent role in protecting payment transactions as e-commerce and mobile commerce continue gaining share of retail sales and the …

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Retailer Groups Celebrate as House Republicans Appear to Ditch Durbin Repeal Effort

Two major retailer trade groups late Wednesday celebrated an apparent decision by Republican leaders in the House of Representatives to quash a provision that would have repealed the Durbin Amendment. The provision was part of the Financial Choice Act, a bill Congressional Republicans are pushing to overhaul the 2010 Dodd-Frank …

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Congressman Speaks Up on Durbin Amendment and other Digital Transactions News briefs

• U.S. Rep. Ted Budd, R-N.C., a former retailer, delivered a speech in the House of Representatives in favor of repealing the Durbin Amendment, drawing praise from the Electronic Payments Coalition, a lobbying group for banks and card networks. The House is considering H.R. 10, the Financial Choice Act, which would overhaul …

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