Thursday , April 19, 2018

Law and Regulation

Merchants Appeal a Key Part of the Credit Card Interchange Settlement

Merchants opposed to the agreement settling a massive, 7-year-old credit card interchange case filed an appeal on Tuesday challenging the court’s preliminary approval of a key part of the pact. The appeal, filed by four merchants and seven merchant trade groups, comes on the same day as the U.S. District Court for …

Read More »

Fraud Tied to Remotely Created Checks Figures in Bank’s Downfall

A controversial form of automated debit called the remotely created check (RCC) has figured prominently in the demise of a small bank that processed payments for fraudulent merchants and their third-party processors. The U.S. Attorney’s office in Philadelphia announced this week that First Bank of Delaware agreed to a settlement …

Read More »

Loaded with Debt, ISO Pipeline Data Files for Bankruptcy Protection

Citing a weak economic climate and business setbacks, independent sales organization Pipeline Data Inc. and its affiliates on Monday filed for Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del. Pipeline hopes to sell itself as a going concern with the help of an investment bank. Alpharetta, Ga.-based Pipeline …

Read More »

The Federal Trade Commission Sniffs Around a Visa Debit Gateway

Already under investigation by the U.S. Department of Justice for its competitive response to the Durbin Amendment debit card regulations in 2010’s Dodd-Frank Act, Visa Inc. is now getting scrutiny from the Federal Trade Commission about a gateway service that routes transactions to PIN-debit networks. Visa disclosed on Friday in …

Read More »

Judge Gives Preliminary OK to the Controversial Credit Card Interchange Settlement

To the dismay of retailers but the joy of the card networks and bank defendants, U.S. District Judge John Gleeson on Friday gave preliminary approval to the controversial settlement of credit card interchange litigation announced July 13. The National Retail Federation, the leading retail-industry trade group and an outspoken foe …

Read More »

First Data: Planned Settlement Would Let the Card Networks ‘Buy a License to Monopolize’

With a hearing coming up on Friday, objections to the proposed credit card interchange settlement are piling up in Brooklyn, N.Y., faster than debris from Superstorm Sandy. In addition to a number of retailers and their trade groups, those on record against the controversial plan forged by lawyers for the …

Read More »

Small Merchants Show No Improvement in Card-Data Security, Survey Says

For years, the payments industry has hoped to see improvement in card-data security among small merchants in the U.S. But, according to a survey released last week, it’s not happening. Indeed, in some important measures, there has been backsliding on security among the nation’s smallest retailers. A little more than …

Read More »

A Parking Processor Gets into a Political Fender-Bender with Sen. Durbin

A 13-cent fee increase from Parkmobile USA Inc., a specialty payments processor for parking providers and municipalities, drew heavy fire last week from U.S. Sen. Richard Durbin, chief sponsor of the Durbin Amendment in 2010’s Dodd-Frank Act that imposed price controls on most debit card transactions. The brouhaha is the …

Read More »

Credit Card Settlement Judge Says He Sees Grounds for Preliminary Approval of Pact

The judge overseeing the mammoth litigation involving credit card interchange said on Wednesday the controversial proposed settlement appears to meet the requirements for preliminary approval. Judge John Gleeson, however, also said he would hear merchants’ objections to the settlement struck by lawyers for the merchant plaintiffs and the payment card …

Read More »

FTC Official Warns Top Acquiring Execs To Do More About Online Fraud

The extent of government scrutiny of the acquiring business came into sharp relief on Wednesday as a federal official told an audience of top-level executives with processors and independent sales organizations that online transaction fraud is too high and that the executives must do more to bring it down. “There …

Read More »