Tuesday , October 16, 2018

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• While House Republicans have stripped from the Financial Choice Act a provision that would have repealed the Durbin Amendment, the effort to get rid of the law’s debit-interchange caps and routing rules is still alive.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 against the amendment, which is part of the Dodd-Frank Act. Among the three was House Financial Service Committee Chairman Jeb Hensarling, who spearheaded the Financial Choice Act to reform Dodd-Frank.

• ReCharge, which offers an app that enables merchants to sell subscriptions from their stores on the Shopify Inc. platform, said it is among the first companies to join the Shopify Plus Technology Program.

• Consumer awareness of retailer store cards jumped from 51% in 2015 to 78% in 2017, found the third annual Retail Credit Survey from Vyze Inc., a consumer-finance provider.

• Growth in consumer revolving credit slowed from a 6.5% annual rate in March to 1.8% in April on a seasonally adjusted basis, the Federal Reserve reported. Revolving credit outstandings totaled $1.01 trillion in April, up 5.7% from $955.9 billion a year earlier.

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