Fintech

WASHINGTON – Big Box retailers Target, Wal-Mart, SuperValu and Costco are urging the Federal Reserve to proceed with its bid to curb debit fees, insisting they will pass on billions of dollars in reduced charges to consumers.

WASHINGTON – A bipartisan group of Senators is planning to introduce a bill as soon as next week that would delay implementation of the controversial Federal Reserve rule to cap fees on debit transactions for two years while the Fed studies the issue. But the Senate bill, which is expected to be matched by a similar measure being introduced in the House, faces rough sledding because it would need 60 votes to overcome an expected filibuster by Sen. Richard Durbin, the Illinois Democrat who crafted the interchange language. The bill is being drafted by two members of the Senate Banking Committee, Democrat Jon Tester of Montana and Republican Bob Corker of Tennessee, Capitol Hill sources confirmed for the Credit Union Journal this morning. The legislative action comes as the clock is running down on the interchange proposal, required as part of last year’s Wall Street reform bill, giving the Fed until April 21 to enact a final rule, which would take effect by July 21. The stakes are huge as some $20 billion a year in interchange fees accrues to credit unions and banks, with credit union earning an estimated $2.6 billion last year.

Visa Inc. soon will display its advertising through social networking software designed by Skype Inc. and Meebo Inc. for desktop computers and smartphones.

The banking industry’s fraud-protection initiatives are having an effect in the United Kingdom, as fraud losses related to payment cards, checks and online banking decreased last year, according to recent research by the UK Payments Council.

ORLANDO, Fla. — The general consensus among attendees here at the Prepaid Card Expo is that, while the industry continues to experience growth, potential state and federal government regulations are casting a storm cloud over the sector.

Customers of Singapore Airlines Ltd. now may pay for their flights using their PayPal Inc. accounts, according to the Singapore-based airline.

Some 92 incidents of crooks cloning debit and credit cards issued by Citibank Pvt. Ltd. occurred between January 2008 to December 2010, tops among India’s card issuers, the country’s finance minister told the country’s Parliament on Mar. 4.

Citizens in the Indian state of Punjab may pay their electricity bills online using bankcards under a new service the Punjab State Power Corp. launched on March 1.

WASHINGTON — Acting Comptroller of the Currency John Walsh warned Tuesday that a Federal Reserve Board proposal to limit debit interchange fees could hurt banks of all sizes.

MasterCard Inc. on March 8 announced new fraud-fighting technology that could alleviate the headaches issuing banks face when card accounts have been compromised.