Law and regulation

WASHINGTON — The Federal Reserve Board will not meet its upcoming April 21 deadline to issue final rules that would limit interchange fees for debit cards.

Lawmakers’ efforts to pass a “stop-and-study” law that would delay implementation of the Durbin amendment are gaining ground, a growing number of analysts say.

Three men who traveled to Honolulu from California last fall were charged with setting up card-skimming devices at at least four local gas stations, then using the information to create counterfeit cards on six local credit unions and banks.

The delay some lawmakers are seeking in implementing proposed new debit-interchange rules would represent a “huge handout” to large banks that do not deserve another bailout by consumers and businesses, Sen. Dick Durbin, D-Ill., told reporters March 24 during a teleconference outlining his opposition to a delay.

Attorney Sergei Lemberg on Thursday applauded this week's release of the Federal Trade Commission's annual report to Congress on the Fair Debt Collection Practices Act (FDCPA).

Federal Reserve Board Chairman Ben Bernanke assured community bankers Wednesday that the central bank will attempt to protect them as it finalizes its rule capping debit interchange fees.

WESTON, Fla.–Independent sales organizations, concerned about how proposed new debit-interchange rules may affect their operations, are gearing up for changes in the ISO landscape even as experts say it is too soon to know the shape those changes ultimately might take.

Credit Collections Defense Network, a debt settlement business based in Chicago, is banned from doing business in West Virginia after the state's Attorney General Darrell McGraw sued the company and its owners, claiming they were engaged in unlawful debt settlement activities in West Virginia.

The banking lobby is pushing to delay caps on debit interchange fees, but JPMorgan Chase & Co. is sending the message that it has already accepted defeat.

WASHINGTON – With the toughest campaign of his career on tap, Montana Senator Jon Tester collected tens of thousands of dollars in campaign contributions from credit unions, banks and other interests before the Senate Banking Committee, just days before Tester lent his name as co-sponsor of a bill to delay the controversial rule cutting debit fees.

JPMorgan Chase & Co. plans to end debit rewards for at least some existing customers in July, according to a letter the issuer is sending to customers that cites the Durbin amendment as its reason.

Card issuers in New Zealand have come under immense backlash from both the general public and government officials after cardholders in the earthquake-stricken Christchurch area reportedly received bills with card penalty late fees.

Supporters argue the new agency has unprecedented power that needs to be checked, but others contend the GOP simply wants to undercut an agency it never liked to begin with.

Triggering what may be a potential setback for private-label credit card issuers, the Federal Reserve Board on March 18 finalized a rule clarifying elements of the Credit Card Accountability, Responsibility and Disclosure Act that requires issuers to consider only credit card applicants’ individual, not household, incomes.

Oregon Attorney General John Kroger's office announced an agreement Thursday that shuts down Eugene, Ore.-based law firm McGavic & Finney PC, which was the subject of dozens of complaints about its collection practices. In addition to closing down the firm, the settlement requires founding partner Derrick E. McGavic to pay $70,000 and surrender his license to practice law.

Representatives for the Philippines credit card industry are expressing worry over a bill that would cap card interest rates.

Consumers doubt they will benefit from lower debit fees, according to a recent survey, even as the Federal Reserve is poised to direct lower interchange charged merchants by credit unions and banks.

The National Payments Corp. of India has informed banks that it will charge remitting institutions 0.1 rupees (0.002 U.S. cents or 0.0015 euros) for every mobile transaction that flows through the interbank funds-transfer service it launched last year, the company announced March 14.

WASHINGTON – Credit union and bank lobbyists hope to convince senators who voted overwhelmingly for last year’s Durbin amendment on debit interchange and may have buyer’s remorse to change their vote and approve a proposed delay.

WASHINGTON—The banking industry saw the first tangible signs of progress March 15 in its fight to overturn the Durbin amendment, as House and Senate lawmakers officially introduced bills that would delay implementation of a plan to restrict interchange fees on debit cards.