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Dissecting Discover's Suit Against Visa
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.
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Bitcoin adopters in Ohio have been some of the most vocal about how state laws need to evolve to encourage the use of digital currency, but the Ohio government seems to want that change to come from the courts rather than the legislature. more »
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Real Donkeys, a donkey ride company that operates in Blackpool in the U.K., has added Barclaycard contactless payment technology to one of its saddles. more »
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A group of retail trade associations and large retailers wants the Supreme Court to review the Federal Reserve Board's recent cap on debit card swipe fees that merchants say is higher than the fee limit envisioned in the Dodd-Frank Act. more »
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SmartMetric Inc., a maker of biometric smart cards, failed in its appeal of a court decision saying Visa Inc. and MasterCard Inc. don't infringe a patent for credit and debit cards containing chips. more »
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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 »
Former Rep. Brad Miller, D-N.C. (left), the ABA's Nessa Feddis and Ed Mierzwinski of U.S. Public Interest Research Group
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. 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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