Law and regulation

When Congress threatened to cap the interchange fees that banks collect on debit card transactions, the industry argued that such a move would force it to kill off its own debit rewards programs. As it turns out, the demise of those programs might inconvenience consumers but it is unlikely to deal banks much of a financial blow.

U.S. Senators. Charles Schumer , D-N.Y., and Joe Manchin, D-W.Va., are urging the U.S. Department of Justice Department to shut down an underground online drug-trade site called Silk Road, but in a June 6 open letter to the department the senators barely touched on the digital currency–Bitcoins–that fuels the site’s commerce.

Effective July 1, retailers in the United Arab Emirates no longer may assess surcharges to customers who pay by credit card under a ruling last week from the country’s Supreme Committee for Consumer Protection.

Bank Indonesia is drafting a regulation that would establish a minimum age and income for credit cardholders and limit how many cards someone may hold, confirms a spokesperson for the country’s central bank.

WASHINGTON — Bankers lost the Senate fight over interchange fees, but they are hoping the vote will help convince the Federal Reserve Board to raise its proposed 12-cent cap.

WASHINGTON – The Federal Reserve is expected to vote a final rule on debit fees a week from today, now that a credit union-backed proposal to delay the rules has been shot down in Congress.

Pennsylvania's Attorney General's office has filed a motion asking to amend the consumer-protection lawsuit against collection agency Unicredit America Inc. to include Michael Covatto, company president, and Anthony D. Covatto, company vice president, as defendants.

The top South Korean financial regulator plans to restrict credit card issuance and curtail issuers’ marketing budgets to combat growing household debt in that country.

WASHINGTON — Although banks failed in their attempt to convince Congress to delay an interchange fee cap for debit cards, the financial services industry is not giving up, just changing venues.

The top South Korean financial regulator plans to restrict credit card issuance and curtail issuers’ marketing budgets to combat growing household debt in that country.

WASHINGTON — In a nail-biting conclusion after weeks of fierce lobbying by bankers and retailers, the Senate defeated a bill Wednesday that would have delayed the Federal Reserve Board's proposal to cap interchange fees for debit cards.

WASHINGTON — Just hours before the Senate votes on the biggest post-Dodd-Frank bill for the industry, no one in Washington knows what the outcome will be.

WASHINGTON – The credit union and banking lobbies were pulling out all the stops last night to round up a few more votes for their bid to delay cuts in debit fees, but the effort was still a handful of votes short.

WASHINGTON–Banks appeared to be gaining the upper hand in their battle against retailers to delay pending interchange fee caps, but the fight was far from over.

All merchant acquirers and card issuers in India would have to establish adequate risk-management systems and processes to help prevent card fraud within the next 12 months under proposals outlined in a central bank working group report released June 2.

WASHINGTON — A sponsor of legislation to ease the impact of interchange rules on banks announced another revision Tuesday as lawmakers prepare for a vote later this week.

WASHINGTON – Chief sponsors of a bill to delay the cuts in debit fees were still searching for a compromise this morning as they appeared to be short of the 60 Senate votes necessary to pass the delay.

As credit card charge-off rates continue on a path to hit record lows next year, the number of consumers seeking credit-counseling help also is declining.

WASHINGTON – U.S. Public Interest Group, the leading consumer lobby on Capitol Hill, called on lawmakers to reject efforts to delay implementation of the cuts in debit fees, saying the issue has been studied long enough and the cuts will help consumers.

The Federal Trade Commission has settled two actions that charged marketers with claiming they could reduce consumers’ credit card interest rates. Both operations allegedly made deceptive telemarketing calls, called consumers on the Do-Not-Call Registry, and used illegal robocalls. The settlements will ban all of the defendants from selling debt relief services.