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Five Years Later, Banks Come to Terms with CARD Act
Five years after the enactment of major reforms to the U.S. credit-card market, industry opposition has quietly faded into acceptance. Bankers certainly aren't celebrating the 2009 legislation, but they're not condemning it, either.
Former Rep. Brad Miller, D-N.C. (left), the ABA's Nessa Feddis and Ed Mierzwinski of U.S. Public Interest Research Group
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In widely anticipated legislation on Bitcoin, Canada is regulating digital currency businesses under existing rules for money movement and California is updating its laws to legalize the use of alternative currencies. more »
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American Express has hired Laureen Seeger as its new general counsel. more »
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New York Attorney General Eric Schneiderman announced his support for a proposal in the state legislature to regulate prepaid debit cards used by employers to pay wages. more »
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Merchants seeking a court ruling that would cause the Federal Reserve Board to re-establish debit cap fees at a lower rate want more time to consider bringing the case to the Supreme Court. more »
Strevus' Ken Hoang
As state regulators take more interest in Bitcoin, third-party vendors are looking to apply the expertise they built in other markets to digital currency. One such vendor, Strevus, has a background in securitization, which is another volatile and risky market. more »
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A former American Express Co. employee was fined S$24,000 ($19,150) by a Singapore court after he was convicted of misusing client data. more »
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Retailers have been entangled in a legal showdown with Visa and MasterCard over swipe-fee rates for nine years now, and despite the approval of a $5.7 billion settlement in December, the battle is far from over. more »
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Sens. Mark Warner, D-Va., and Mark Kirk, R-Ill., unveiled legislation on April 2 to increase fraud protections for debit card customers. more »
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Target CFO John Mulligan
Lawmakers keep trying to move legislation aimed at strengthening data security even if they are still not finished upbraiding retailers for recent breaches. more »
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The banking industry's victory on debit card interchange fees seems likely to be the decisive turn in a high-stakes legal dispute with retailers. more »
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A federal appeals court panel ruled today that the existing restrictions on debit card swipe fees should largely stand, turning back a challenge by retailers who argued that banks are still earning too much money from the fees. more »
Carolyn Balfany
Fiserv, which operates the Accel debit network, spent two years evaluating the best way to route EMV debit transactions in compliance with federal mandates – but it abstained from working with the Debit Network Alliance, which is committed to the same cause. more »

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