EMV Liability Shift Worries Lawmakers
Credit card networks and issuers have done a poor job in explaining the implications of the just-passed Oct. 1 deadline for moving to EMV chip-and-PIN cards, leaving many small businesses confused, lawmakers said Wednesday during a hearing on Capitol Hill.  more »
Bloomberg News
"If EMV successfully reduces fraud, will Visa commit to reducing swipe fees on its cards commensurate with that fraud reduction?" asked Rep. Nydia Velazquez, D-N.Y.
CPI Card Group Inc., which makes payment cards for lenders including Bank of America Corp. and American Express Co., cut the size of its initial public offering for a second time to $150 million and pared its share price amid choppy equity markets. more »
It may not be an outright ban on arbitration clauses, but the Consumer Financial Protection Bureau’s impending proposal to enable more class-action lawsuits comes close. more »
Bloomberg News
This week marks the fourth anniversary of the “Durbin amendment,” a defective law directing the Federal Reserve to impose price-controls on debit interchange fees. more »
Rules set by Visa and MasterCard suggest that by the start of this month, ideally, banks would all be issuing EMV-compliant cards and retailers would have the technology to accept them. If one party is supporting EMV and the other is not, the delinquent entity will have to cover the cost of any fraud that ensues. more »
A new survey reveals a wish-list for anti-money laundering specialists to help ease their process of assessing customer risk, a major concern as mobile technology and virtual currency play a larger role in the payments market. more »
After plenty of grumbling, the U.S. financial industry has finally begun the slow trundle toward faster payments for all. Same-day payments were approved by members of the industry group Nacha in May, approved by the Federal Reserve earlier this month, and will begin going into effect in September 2016. more »
Many different data security technologies exist, but the payments industry “does not have what it needs for a global standard,” said Marianne Crowe, vice president of the Federal Reserve Bank of Boston. more »
The Fed's Sean Rodriguez (left) is leading an ambitious collaboration between the public sector and the private sector. Steve Ledford, a senior vice president at The Clearing House, the big-bank trade group, is another pivotal player in the process.
A task force convened by the Federal Reserve has made substantial progress in its first few months, but the path to real-time payment in the U.S. is still littered with challenges. more »
The National Association of Convenience Stores’ latest column on debit-card interchange fees is the most recent in the organization’s years-long effort to obtain government-mandated price controls. But such controls would only increase large retailers’ profits. more »
Nacha Chief Executive Janet Estep
The U.S. made a big jump toward "faster payments," as the Federal Reserve Board approved enhancements to its automated clearing house service that will require its banks to process same-day transactions. more »
Circle Internet Financial, the Bitcoin services company and wallet provider, has become the first company to receive a BitLicense from the New York State Department of Financial Services. more »
Image: ShutterStock
The Consumer Financial Protection Bureau has a busy agenda for the fall that includes possible action on debt collection and prepaid cards, though the agency's overall workload may cause delays. more »