Compliance

The U.S. Federal Reserve’s rules for debit-card transaction fees and processing should remain in place while the central bank appeals a decision throwing out the regulations, according to retailers who oppose the new directives.

WASHINGTON – The recent swearing in of Richard Metsger to the NCUA Board puts the helm of the agency back up to its full complement of three board members – just in time for the regulator to tackle a host of critical issues, including everything from its derivatives proposal and the agency’s budget to CUSO oversight and risk-based net worth.

Lawyers for clothing retailer Genesco Inc. last week requested summary judgment on its request to dismiss $10,000 in data breach fines from Visa Inc.

Fraudsters are once again taking a shine to using tin foil to tamper with the satellite dishes that gas stations use to transmit payment card data to authorizing banks and processors.

The U.S. Federal Reserve asked that its rules on debit-card transaction fees and processing be left in place while it appeals a decision that they are illegal.

The Financial Crimes Enforcement Network will continue discussions with the Bitcoin community after meeting with the Bitcoin Foundation and a host of regulators and law enforcement officers in Washington D.C. today.

A Bitcoin trade group will meet today with the U.S. Treasury Department's Financial Crimes Enforcement Network and an array of law-enforcement officials and regulators to discuss oversight of the digital currency.

Tradehill Inc., an exchange for virtual currencies such as Bitcoin, is moving customer accounts to a U.S. credit union, a shift designed to make it easier for clients to complete transactions.

MasterCard's biometric security venture with the South African Social Security Agency has helped the agency distribute more than 10 million active MasterCard debit cards throughout the country.

Gas station owners may have the most difficult task of any retailers in preparing for mobile payments and EMV cards because of their dated systems and equipment — and because many of their customers fear that using their phones at the pump will cause fires.