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CFPB's Prepaid Card Plan Needs to Be Tougher, Consumer Groups Say
Consumer groups said that the Consumer Financial Protection Bureau was too soft in its prepaid card plan, arguing that it should have required more on upfront disclosures, banned overdraft charges, and completely severed prepaid cards from being tied to other types of credit.  more »
"The proposed rule doesn't completely ban overdraft features on prepaid cards and that's one place where we will be urging the bureau to go a little bit further," said Lauren Saunders, associate director of the National Consumer Law Center.
Discover's lawsuit this week against Visa stems from years of practices that have their root in the Durbin amendment's debit-routing mandates, and Visa will likely have several ways to counter its rival's allegations.  more »
A year after the Target data breach prompted retailers to step up their migration to EMV-chip acceptance, many consumers finally have EMV cards or can access the same security through Apple Pay's new mobile wallet. But will they finally change their habits?  more »
Seeing an opportunity to advance international and online debit transactions and take advantage of a growing mobile payment market, MasterCard is working to establish a debit card presence next year in Canada.  more »

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