Weekly News Update

Payments News Update – May 14, 2021

Legal and Regulatory Developments SPOTLIGHT: A Fed Report on Debit Costs Could Fuel a Movement to Reduce a Decade-Old Fee Cap Digital Transactions News – May 10, 2021 Pressure may be building on the Federal Reserve to take action on a debit card interchange-fee regulation that it has left intact for 10 years despite sweeping changes in the payments business, including an onrush of e-commerce transactions over...

Payments News Update – May 6, 2021

Legal and Regulatory Developments SPOTLIGHT: Retail Organizations Sue Fed Over Debit Law Enforcement Retail Dive – April 30, 2021 Two retail associations sued the Federal Reserve Board of Governors April 29 over what they claim is a failure by the federal agency to properly enforce a federal law that caps the fees that can be charged on debit transactions. The North Dakota Retail Association and the North...

Payments News Update – April 29, 2021

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard Face Biggest Challenges in a Decade Banking Dive – April 22, 2021 Regulatory, legislative and court confrontations over the card networks' fees are ratcheting up pressure again for reform of the behemoths' practices. Senate Majority Whip Dick Durbin was riled up when he leaned into his microphone to speak last month at an antitrust subcommittee...

Payments News Update – April 22, 2021

Legal and Regulatory Developments SPOTLIGHT: At Congressional Hearing, Panelists Question Why Crypto and Fintech Firms Need Bank Licenses The Block – April 15, 2021 Congress collected feedback from legal minds on how fintech firms may use or abuse banking licenses. The hearing, entitled “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters,” included former...

Payments News Update – April 16, 2021

Legal and Regulatory Developments SPOTLIGHT: Insider's Report On Payments: Interchange in the Crosshairs The Green Sheet – April 12, 2021 The major card brands are on the hot seat. Under pressure from Sen. Dick Durbin, D-Ill.,Visa and Mastercard postponed for a year interchange rate changes that were slated for April 2021. This followed news that the financial software giant Intuit is suing the two brands in...

Payments News Update – April 1, 2021

Legal and Regulatory Developments SPOTLIGHT: Retail Groups Seek to Protect Merchants in Ongoing Swipe Fee Litigation Chain Store Age – March 31, 2021 The nation’s two largest retail trade are objecting to the scope of proposed class-action swipe fee litigation. The Retail Industry Leaders Association and the National Retail Federation are asking to intervene in longstanding multidistrict class action...

Payments News Update – March 25, 2021

Legal and Regulatory Developments SPOTLIGHT: A DOJ Investigation of Visa Is the Latest Chapter in a Long History of Probes Into Network Policies Digital Transactions News – March 22, 2021 The news that the U.S. Department of Justice is probing debit card routing practices at Visa Inc. follows on a long history of such investigations and could portend a more serious attitude by regulators to address...

Payments News Update – March 4, 2021

Legal and Regulatory Developments SPOTLIGHT: UK Launches Antitrust Probe Into Apple CNN Business – March 4, 2021 The United Kingdom's competition watchdog has launched an investigation into Apple (AAPL) after app developers complained that they're being forced to use the company's payment systems and distribute their products via its App Store. The Competition and Markets Authority said Thursday that it will...

Payments News Update – February 18, 2021

Legal and Regulatory Developments SPOTLIGHT: Feds Probing American Express' Business, Consumer Card Sales Practices The Hill – February 12, 2021 American Express disclosed on Friday that several federal agencies are probing its sales practices for its small business credit cards and consumer cards. The company said in a regulatory filing that it received a grand jury subpoena in January from the U.S....

Payments News Update – February 11, 2021

Legal and Regulatory Developments SPOTLIGHT: Big Banks, Big Tech Face off Over Swipe Fees American Banker – February 7, 2021 The fees generated from consumers’ debit card spending have long been a source of acrimony between big banks and retailers. But now the banks have a new adversary: Apple, PayPal and other fresh competitors from the tech industry. In recent months, banking heavyweights have sought to...