Regulation

SAN DIEGO--The financial services industry, now at the height of an expensive national campaign to delay the so-called Durbin amendment, was urged Wednesday to do the opposite: contact elected officials at home to explain the local effects of the legislation.

WASHINGTON – The Federal Reserve is planning to amend its proposal to cap debit fees at a higher rate, setting a compromise in the heated controversy between merchants and banks and credit unions while at the same time threatening efforts by banks and credit unions to delay implementation of the rule.

Banks in the Pacific Island nation of Fiji should invest in educating their customers on the use of ATMs and payment card terminals, the Consumer Council suggests in a May 5 report.

The Ohio Attorney General's office has sued a Cleveland company that offered to help homeowners avoid foreclosure but failed to deliver on its promises of debt relief.

Visa Inc. plans revisit its incentive agreements with issuing banks after the Federal Reserve Board finalizes its capped rate for debit card interchange this summer, executives for the card brand told analysts May 5 during a conference call to discuss fiscal second-quarter earnings.

CHICAGO—Further delay in U.S. migration to EMV chip-and-PIN technology might be another unintended consequence if the Federal Reserve Board’s proposed 12-cent cap on debit card interchange is enforced, two analysts agreed during a panel discussion here May 4 at the Smart Card Alliance’s annual conference.

Debit card issuers’ pain could be a gain for some payments processors.

WASHINGTON — Although it's rare to have a financial services issue play much of a role in a local political campaign, the battle over the Durbin interchange amendment has become an unusually prominent part of the re-election race of Sen. Jon Tester.

West Virginia regulators obtained a court order Tuesday halting illegal loan collections in the state by two out-of-state companies.

Fidelity National Information Services Inc., or FIS, is pushing its debit-processing network to banks and credit unions as they await the outcome of pending caps on debit card interchange fees.