Friday , January 19, 2018

Law and Regulation

As Deadline Looms, Treasury Launches PR Campaign to Push Electronic Benefits

With a crucial deadline just five months away, the U.S. Department of the Treasury is blanketing the country this month with press releases urging recipients of Social Security and other benefits by check to adopt electronic payment. In the campaign, which started last week, the agency is sending out releases …

Read More »

Debit Card Rewards Hang Tough After One Year of Durbin Interchange Caps

The obituaries for debit card rewards may be premature. Of the 100 largest issuers of debit cards ranked by debit purchase volume, 37 now offer a rewards program, down from 52 three years ago. But 19 issuers with $10 billion or more in assets still offer a program, despite a …

Read More »

On One-Year Anniversary, Heartland Says ‘Durbin Dollars’ Helping Merchants, Consumers

Almost universally derided by banks and payment card networks, the Durbin Amendment debit card interchange price controls that took effect a year ago Monday have received mixed reviews from merchant acquirers. But one big acquirer that made Durbin a key part of its sales and retention efforts early on, Heartland …

Read More »

Retailers Prepare To Argue for a Rewrite of Debit Rules While Durbin Spars With Bankers

You’d almost think it was 2010 all over again, given the current fights about the Durbin Amendment, the section of that year’s Dodd-Frank Act that regulates debit card interchange and transaction routing. Oral arguments are set for Oct. 3 in a retailer lawsuit that seeks to have a court order …

Read More »

C-Store Managers Add to Chorus of Merchants Opposing Interchange Settlement

Merchant plaintiffs and the payment card network and bank defendants should return to the bargaining table and hammer out a new solution to the credit card interchange litigation for which they announced a proposed settlement July 13. That’s the conclusion of Aite Group LLC in releasing results of its recent …

Read More »

Nine Retail Trade Groups Take Their Credit Card Settlement Beefs to Congress

Numerous merchants and merchant groups have publicly declared their opposition to a controversial proposed settlement to the big credit card interchange litigation pending in federal court. In hopes of turning the settlement into a political issue, nine trade associations on Thursday took their beefs about it to Congress. In a …

Read More »

The NRF Bares Its Sword Against the Credit Card Interchange Settlement

The National Retail Federation announced on Tuesday that it is ready go to court to challenge the controversial proposed settlement to a massive group of merchant lawsuits against the bank card networks and some leading banks over card interchange. The NRF’s entry into the fray is the latest indication of …

Read More »

Missing Funds Rock the Digital-Currency World in a Tough Year for Bitcoin

For electronic currency provider Bitcoin, 2012 is proving to be a problematic year. In March, a well-known Bitcoin trading platform, Bitcoinica, announced a security breach in which hackers stole 43,554 Bitcoins. In May, a Federal Bureau of Investigation report warned that criminals could use Bitcoin for illicit purposes. And later …

Read More »

MasterCard Reports Gains from Durbin Rules, Comments on Interchange Settlement

MasterCard Inc. reported second-quarter results on Wednesday that indicate continuing gains in its debit card business, and in PIN debit in particular, in the wake of federal debit regulations that forced issuers to add new networks to the cards they issue. MasterCard’s gains in debit come in the wake of …

Read More »

Interlink Loses More Than Half Its Volume as Durbin Routing Provisions Take Effect

The Durbin debit numbers are out, and they aren’t pretty for Visa Inc., the leading debit card player in the U.S. Visa on Wednesday reported that U.S. debit payments volume plummeted 9.8% in the third quarter of fiscal 2012 ended June 30, hitting $266 billion versus $294 billion a year …

Read More »