Regulation

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.

The question of whether an exemption for banks with less than $10 billion in assets is sufficient protection from the Federal Reserve Board’s proposed new rules for debit-interchange pricing loomed larger than ever during a May 12 Senate Banking Committee hearing during which a lawmaker grilled the nation’s top two banking regulators.

WASHINGTON – Federal Reserve Chairman Ben Bernanke told Senators this morning he is doubtful whether the Fed can develop a rule adequately protecting credit unions and small banks from the cuts in debit fees mandated for the biggest banks.