Regulation

The treasurer of Australia reportedly has launched a probe into the fees ATM providers are charging at machines deployed in the Australian outback.

Contrary to what debit card issuers claim, merchants do not want a “free ride” on debit card interchange, contends a prominent convenience-store owner who has spent years lobbying for changes in payment card interchange-rate policies.

WEST DOVER, VT.–Their silence on the Federal Reserve Board’s proposal to regulate debit card interchange rates could be counterproductive for independent sales organizations and merchant acquirers, Holli Targan, president of the Electronic Transactions Association, told attendees here at the Northeast Acquirers Association conference.

The Consumer Law Group, a multi-state law firm that specializes in debt management and debt settlement, is suing the Florida Attorney General's office, claiming it does not have the authority to investigate its business practices because "the practice of law does not constitute 'trade or commerce' as defined by the Florida Deceptive and Unfair Trade Practices Act [FDUTPA]."

Washington state regulators, citing consumer protection law violations, have ordered payday lending giant Checkmate to drop its new gift card program.

JPMorgan Chase & Co.’s Chase Bank USA unit does not have to battle a slew of class-action lawsuits alleging it improperly increased credit cardholders’ interest rates, the U.S. Supreme Court ruled Jan. 24.

WASHINGTON – The Federal Reserve’s proposal to slash interchange fees on debit transactions by as much as 70% could devastate the finances of some credit unions, forcing them to institute fees on no-charge services such as checking, credit unions are telling the Fed.

Citing the effects of fewer losses and healthy growth in new accounts and purchase volume, Capital One Financial Corp.’s credit card unit earned $586 million during the fourth quarter ended Dec. 31, up 14.9% from $510 million a year earlier. Revenues were down 13.8%, however, to $2.5 billion from $2.9 billion, driven by a full quarter of lower late fees resulting from implementation of the CARD Act, Cap One reported Jan 20.

A Georgia woman will be allowed to sue debt collector I.C. System for interest fees she paid on veterinary bills, a three-judge appellate panel has ruled, reversing a federal judge's 2009 decision.

Proposed limits on debit card interchange fees should have a neutral to positive impact on eBay Inc.’s PayPal Inc. operations, at least in the short term, Bob Swan, eBay chief financial officer, told analysts Jan. 19 during a conference call to discuss fourth-quarter earnings.