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Some analysts said that the Capital One-Discover deal would undercut the reasoning behind the Credit Card Competition Act — authored by Sen. Dick Durbin, D-Ill. — which aims to spur competition for Visa and Mastercard.
February 21 -
The Supreme Court justices grappled with the question of whether a newly formed company can challenge a regulatory rule after the six-year statute of limitations has expired, a decision that could have broad impact on plaintiffs' ability to challenge agency rules.
February 20 -
The recently announced merger of Capital One and Discover would create a credit card behemoth, but would also create a credible challenger to the Visa-Mastercard duopoly. Regulators will have to choose between having both or neither.
February 20American Banker -
Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, have added Sens. Josh Hawley, R-Mo., and Jack Reed, D-R.I., as cosponsors to a bill aimed at increasing credit card competition and lowering consumer fees.
February 14 -
The change would lower the maximum fee on a $50 debit transaction from 24.5 cents to 17.7 cents. The central bank points to lower processing costs for card issuers in recent years.
October 25 -
Investors have bought a one-branch bank in Elmore City, Oklahoma (the town that inspired "Footloose"), renamed it Old Glory Bank and plan an all-digital brand that emphasizes patriotism. Experts question whether Old Glory is offering a solution to a nonexistent problem.
March 24 -
Visa and Mastercard credit card-issuing banks with more than $100 billion in assets would be required to give merchants a lower-cost choice for processing each transaction under a new bill proposed to spur competition.
July 28 -
Though the retailer's threat to drop Visa in the U.K. appears to have subsided, companies like Clik2pay, Affirm and Curve have seized on an opportunity to advance account-to-account transactions, buy now/pay later and cryptocurrency.
January 21 -
The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.
August 18 -
The e-commerce giant is adding a surcharge for Visa credit card payments in Singapore. It's a tactic reminiscent of the time its big-box rival outright banned the card brand in Thunder Bay, Ontario, in a bid to lower its costs.
August 11