Law and regulation

West Virginia Attorney General Darrell McGraw has filed suit to ban Morgan Drexen Inc., a company claiming to provide debt settlement services, from doing business in the state.

For $410 million, Bank of America Corp. has bought itself out of a massive class action over sorting of overdraft fees (see story).

Thailand’s Ministry of Finance on May 12 announced its decision to launch a credit card financing initiative that is raising concerns among key players in the country’s banking industry.

Two-thirds of consumers surveyed last fall did not believe interchange regulations that that would limit how much retailers pay to accept debit cards would result in merchants lowering the prices they charge, according to research from Javelin Strategy & Research.

Two-thirds of consumers surveyed last fall did not believe interchange regulations that that would limit how much retailers pay to accept debit cards would result in merchants lowering the prices they charge, according to research from Javelin Strategy & Research.

Delay or customers will pay — from new deposit charges to merchant fees.

Lawyers for the Federal Reserve told a federal appeals court Friday in South Dakota that expectations by Minnesota’s TCF Bank for a continued revenue stream from debit transactions are not dependent on the free market but on card giant Visa, which paid the bank $100 million in debit fees last year.

U.S. banks and payments companies are attracted to China’s explosive population growth and surging economy, but the country’s regulatory climate makes the market a wild card.

WASHINGTON — Although Senate leaders have confirmed they will allow a floor vote soon on delaying interchange fee restrictions, the timing, outcome and vehicle for suspending the proposed cap are still anyone's guesses.

This story was updated from its original version.

CHICAGO–Traditional U.S. payments players should adjust their industry approach to address evolving consumer preferences that are causing dramatic market changes to occur, an executive from the Federal Reserve Bank of Atlanta told attendees here May 19 during a panel discussion at the Federal Reserve Bank of Chicago’s annual conference.

WASHINGTON – Responding to progress credit unions and banks have made in Congress to delay or derail new interchange caps that are included in the Durbin Amendment to the Dodd-Frank Act, the National Retail Federation is rolling out a major, nationwide, 60-day lobbying, grassroots and media campaign aimed at ensuring that the law goes into effect as scheduled.

WASHINGTON — Although Senate leaders have confirmed they will allow a floor vote soon on delaying interchange fee restrictions, the timing, outcome and vehicle for suspending the proposed cap are still anyone's guesses.

Thailand’s Ministry of Finance on May 12 announced its decision to launch a credit card financing initiative that is raising concerns among key players in the country’s banking industry.

WASHINGTON – Senate Majority Leader Harry Reid plans to hold a vote on a proposal to delay the cap on debit fees, even as the Senate leader says he is opposed to the delay.

Credit unions and banks urged a federal appeals court in Sioux Falls, S.D., to act quickly to block the Federal Reserve’s implementation of debit card caps, which they insist will break thousands of credit unions or banks.

West Virginia Attorney General Darrell McGraw's office has announced settlement agreements with two debt relief companies, Allied Corporate Connection LLC, based in Mesa, Ariz., and Premiere Debt Solutions LLC, based in Orlando, Fla., that will result in refunds of nearly $34,000 to 41 West Virginia consumers.

First Financial Services, a Lonsdale, Minn.-based collection agency, and its owner must each pay the state $50,000 for violating the Fair Debt Collection Practices Act (FDCPA), the Minnesota Department of Commerce has ordered. Both also lost their licenses.

To promote the use of electronic payments systems in the country, the Central Bank of Nigeria has set new limits on the amount of cash bank customers may withdraw at branches.

Credit card terms have not changed much in the past year, despite some concerns that issuers would hike interest rates and fees on new accounts to offset the effects of restrictions imposed last year under the Credit Card Accountability, Responsibility and Disclosure Act, according to new data from The Pew Health Group.