Links in “Credit/Debit Cards”
- The Three Major Card Issuers Look to Replace Card Numbers with Digital Tokens
Visa, Mastercard and American Express announced that they are considering replacing card account numbers with a digital token. The intent of the change is to increase the security of the online purchase process as a digital token can be restricted in how itâs used with a specific merchant, device, transaction, or category of transactions. [10/4]
- Community Bankers Group Responds to CFPB: Don’t Punish Us for Actions of Reckless Credit Card Firms
On the heels of the CFPB's release of a study on the CARD Act, ICBA cautions that imposing costs and regulatory burdens on community banks for the misdeeds of others could drive them from the market, leaving the credit card market in the hands of a few large issuers. [10/4]
- Consumer Groups Press CFPB to Get Tougher on Credit Card Issuers
Groups at field hearing encourage CFPB to delve into the fine print, such as dispute resolution mechanisms, binding arbitration, choice of law, and unilateral modification provisions. [10/3]
- CARDY HARDY HARDY!!
OFAC promotes merits of CARD Act in reducing costs and satisfaction of credit card users, but also notes significant issues remain and commits to resolving those issues. Namely: Add-ons, Fee Harvester Cards, Deferred Interest Products, and various Disclosures. Stay ahead of the curve. Read on! [10/3]
- Two Years Later: Are Retailers the Winners and Consumers the Losers Under Debit Card Interchange Rule?
Conflicting data suggests that consumers have seen $5.7 billion in savings due to lower interchange fees, while other reports show that retailers have earned $8 billion through the lower fees and have not passed on these savings to consumers; NAFCU refutes the studies that show that consumer have been the winners. [10/2]
- Fake Bank in Florida Swindling Consumers with Bogus Credit Card Offer
Going by the name of "AmTrade International Bank," fake bank instructs victims to send checks to receive a semi-secured credit card. [9/27]
- Fedâs Debit Interchange Rule to Remain in Effect
At least until an appealâs court rules on the pending appeal of the lower courtâs decision that overturned the Federal Reserve Boardâs ruling on debt card interchange fees. [9/23]
- Some Banks Testing Wiggle Room in Credit Card Add-ons
Rather than abandoning lucrative credit card add-on services after receiving hefty fines from the CFPB, certain lenders are coming back with variations on the theme in an effort to test how much wiggle room there is with regulators. [9/17]
- Ability-to-Pay: Are Mortgages and Credit Cards Just the Beginning?
CFPB's Cordray indicates that the CFPB is assessing how the ability-to-pay model might be applied beyond mortgages and credit cards. [9/13]
- CUNA and NAFCU Submit Brief Opposing an Interim Debit Card Rule
CUNA, NAFCU and other coalition partners have submitted a brief that opposes requiring the Federal Reserve Board to issue an Interim Final Rule that would reduce the interchange fee cap for debit card transactions while the District Court ruling is being appealed; group argues that an interim rule could cause significant harm to the industry and could be overturned by the Appellate Court. [8/29]
