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Durbin Amendment’s oversights could have negative impact on small merchants

A leading credit card processing comparison website has warned that ill-prepared merchants will not see savings from fees mandated by the Durbin Amendment. CardFellow.com warned that the Durbin Amendment only applies to card-issuing banks that receive interchange and makes no mention of payment processors or merchant acquirers that handle... Read More...

Credit unions worry 21 cent fee cap won’t recover debit card costs

The 21 cent fee cap set on debit interchange fees falls short of what is needed by credit unions to recover all of the costs of offering debit cards, one expert has warned. The final rule by the Fed on debit interchange fees caps the base fee at 21 cents per transaction. The rule also allows permit issuers to add an additional component... Read More...

Final interchange debit fee rule sets cap at 21 cents

A final rule establishing standards for debit card swipe fees issued by the Federal Reserve Board on Wednesday does not match the previous U.S. Senate approved rules. The final rule, dubbed Regulation II, sets the maximum permissible swipe fee that may be received by an issuer for an electronic debit transaction at 21 cents per... Read More...

Consumer debt legislation stalls in Quebec

The Quebec government has tabled legislation meant to discourage consumer debt. The legislation includes a prescribed minimum monthly payment consumers must pay on their credit card balances, new disclosure requirements and powers for the courts to modify credit contract terms and conditions on behalf of consumers. Neil Mohindra, the... Read More...

Banks support proposal to reinterpret Barnett Bank case

Banks are supporting the Office of the Comptroller of the Currency’s proposal to reinterpret its role in exempting national financial institutions from state consumer protection laws. A provision in the Dodd-Frank financial regulation reform bill is the codification of the Barnett Bank case as the legal standard for preemption. The provision... Read More...

MasterCard site outage not caused by hackers

MasterCard Inc.’s website suffered an outage on Tuesday due to a problem caused by their internet provider and not, as was feared, from hackers. MasterCard said that consumer data was not stolen and that the disruption was not the result of the type of “denial-of-service” attacks that forced MasterCard’s site offline in December after... Read More...

Final rule on interchange fees expected to negatively effect high-yield checking accounts

The final rule on debit card swipe fees will be issued by the Federal Reserve on Wednesday, potentially creating less favorable interest rates on high-yield checking accounts and unattractive terms and yields on other banking products and services. The Fed's suggested cap on interchange fees of 12 cents per transaction could slash revenues for... Read More...

Card swipe fees to impact customers the most

Consumers are expected to pay the ultimate cost of the effects of the Durbin Amendment as stores collect more money from card swipes. As a result of the swipe fee changes that will be enacted by the Durbin Amendment, bank fees and account requirements are expected to rise, according to Moneyland. The L.A. Times reports that Chase is testing... Read More...

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