Regulation

An arrest warrant has been issued for a former Utah man who allegedly took at least $200,000 from victims after touting himself as a wealthy debt collector.

A coalition representing consumers this week is urging lawmakers to oppose legislation that would put the brakes on proposed debit-interchange rate reductions, while a group of 7-Eleven Inc. franchisees similarly is vowing to keep lobbying Congress to oppose such a delay.

The Federal Reserve Board’s decision this week to take more time to analyze comments before finalizing its proposed debit-interchange rules could mean the final rules might not take as big a bite out of issuer revenue, some analysts believe.

Visa Inc., MasterCard Inc. and several leading Canadian banks that issue their cards face being included in proposed national class-action litigation tied to a lawsuit filed March 28 in the Supreme Court of British Columbia. The suit alleges the card networks and their major issuers conspired to fix prices on fees merchants ultimately pay to accept cards.

The chief sponsor of a Senate bill to delay the interchange rule for as long as two years maneuvered last night to ease passage of the controversial measure by attaching it to popular legislation on small business investment.

WASHINGTON — The Federal Reserve Board will not meet its upcoming April 21 deadline to issue final rules that would limit interchange fees for debit cards.

Lawmakers’ efforts to pass a “stop-and-study” law that would delay implementation of the Durbin amendment are gaining ground, a growing number of analysts say.

Three men who traveled to Honolulu from California last fall were charged with setting up card-skimming devices at at least four local gas stations, then using the information to create counterfeit cards on six local credit unions and banks.

The delay some lawmakers are seeking in implementing proposed new debit-interchange rules would represent a “huge handout” to large banks that do not deserve another bailout by consumers and businesses, Sen. Dick Durbin, D-Ill., told reporters March 24 during a teleconference outlining his opposition to a delay.

Attorney Sergei Lemberg on Thursday applauded this week's release of the Federal Trade Commission's annual report to Congress on the Fair Debt Collection Practices Act (FDCPA).