Monday , January 22, 2018

Law and Regulation

Durbin Regs Will Take Effect, Though Possibly a Little Late And with Caps ‘Modified’

Like them or not, the Federal Reserve Board’s controversial debit card regulations to implement the so-called Durbin Amendment will take effect, though possibly a little late, according to Capitol Hill observers speaking at the Electronic Transactions Association’s annual conference Wednesday. In the meantime, a proposed 12-cent cap on debit interchange …

Read More »

Justice Department Seeks to Block VeriFone-Hypercom Merger on Antitrust Grounds

The U.S. Department of Justice filed suit Thursday to stop VeriFone Systems Inc. from buying Hypercom Corp., saying the proposed $485 million stock deal “would substantially reduce competition in the U.S. point-of-sale terminal market.” The DoJ said the current plan to sell most of Hypercom’s U.S. assets to the North …

Read More »

AFP Survey Reflects High Sensitivity Among Retailers over Bank Fees

Nearly 90% of all bank fees merchants pay goes toward cash management and card processing, according to a report released on Tuesday by the Association for Financial Professionals, a trade group for corporate financial officers. Meanwhile, some 79% of retailers expect recent legislative changes, including the Durbin Amendment, not only …

Read More »

A Little-Noted Durbin Provision Could Cripple Contactless, Hurt NFC, Experts Say

Could a little-noted provision in the Durbin Amendment strangle the nascent U.S. contactless-payments market in its crib? It’s a very real possibility, says a pair of researchers, and the consequences could deal a blow to the prospects for mobile payments that depend on a promising technology called near-field communication (NFC). …

Read More »

How Banks, Spurred by Regulation, Are Eyeing Prepaid Products

Banks are likely to become much more active as issuers of reloadable prepaid cards in response to new regulations that are making traditional bank accounts more expensive for consumers, according to a new report from Javelin Strategy & Research. “There’s an opportunity for banks to use prepaid as an account-replacement …

Read More »

Federal Raids And Indictments Send a Chill Through Online Gambling

The government clamped down on Internet gambling on Friday with the Federal Bureau of Investigation seizing the domain names of the three leading Internet poker sites doing business in the U.S. and prosecutors announcing indictments against 11 defendants, including principals of the gambling sites and a Utah banker. The government …

Read More »

With Its New Pricing Schedule, MasterCard Stands Pat on Debit Interchange

MasterCard Inc.’s new interchange schedule is out, and it contains no changes in consumer debit card rates or the transaction volume thresholds that many rates require. Normally, no change means no news, but in the highly charged world of interchange, anything the payment card networks do or don’t do is …

Read More »

Buried by Letters, the Fed Delays Issuing Its Debit Card Rules

Overwhelmed by the volume of comments it received, Federal Reserve Board Chairman Ben S. Bernanke on Tuesday said in letters to Congress the Fed would miss Congress’s April 21 deadline to have issued final debit card interchange and network regulations. Bernanke, however, said the Fed still plans to meet the …

Read More »

Durbin Hits a Snag As a Delay Proposal Emerges in the Senate

The Durbin Amendment, which passed into law within weeks of its introduction in Congress last summer and seemed poised to go into effect in July, hit a stumbling block on Tuesday with the introduction of a bill in the U.S. Senate to delay rulemaking by two years. The legislation, called …

Read More »