Regulation

WASHINGTON – Sen. Richard Durbin, author of the controversial rule to set caps on debit fees, yesterday denounced assertions by banks and credit unions that having card giants MasterCard and Visa set prices for debit is preferable to having the Federal Reserve set price limits on the increasingly popular form of payment.

A consortium of technology companies with banking-industry connections is urging lawmakers to delay implementation of the Federal Reserve Board’s proposed new debit-interchange rules, warning they could heighten risk by forcing banks to reduce their investments in security and fraud-protection services.

Consumer protections under the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 should be applied to small-business credit cards, according to a lead-generation website that tracks card products.

The state of Washington's Department of Financial Institutions (DFI) has ordered "Home Credit Law Center" - a California-based mortgage loan modification company - to stop operating in the state.

WASHINGTON – Jaws were dropping around Capitol Hill last week as CUNA President Bill Cheney began a tour of Senate offices with Camden Fine, head of the credit unions’ most virulent enemy, the Independent Community Bankers Association, to lobby for delay of the interchange rule.

In March, 953 cases representing 1,043 plaintiffs were filed U.S. District Courts for alleged violations of the Fair Debt Collection Practices Act (FDCPA) and Telephone Consumer Protection Act (TCPA).

Oregon Attorney General John Kroger has announced St. Louis Park, Minn.-based collection agency Allied Interstate will pay $90,000 to settle abusive collection charges.

WASHINGTON — Cynthia Blankenship was likely not the first banker to discuss the Federal Deposit Insurance Corp.'s overdraft guidance — a significant cause of worry for industry executives — with FDIC Chairman Sheila Bair.

A judge has denied the government's motion to dismiss TCF Financial Corp.'s lawsuit over debit fee regulation.

The Federal Trade Commission settled with an online data broker that charged consumers $10 based on the false promise that it could “lock their records” so that others could not see or buy them.