A May 25 story, “Loophole Lets Canadian Venture Process MC, Visa” on page 10, mixed up the card brands issued by the two banks involved in the processing venture. Bank of Montreal is a MasterCard issuer; Royal Bank of Canada is the Visa member.

In Wednesday’s issue, “Helms Blocks Four Treasury Nominees in Trade Dispute” on page 4 misidentified the job for which Kenneth Dam has been nominated. It is deputy Treasury secretary.

A Wednesday news brief on page 11 gave a misleading description of American Express’ decision to begin charging a late fee if a payment is not received by the due date. The fee does not affect the standard grace period for interest on new purchases.

Also Wednesday, “Bank of N.Y. Takes Aim at U.S. Fund Biz” on page 1 incorrectly stated that Bank of New York used its branch network as an incentive in negotiations to provide custody and fund administration services for John Hancock Funds. A letter to the editor from Bank of New York and an editor’s note appear on page 6.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.