President Joe Biden kicked off the month of July with a bang, signing a sweeping executive order (EO) aimed at promoting competitive markets across the U.S. economy and limiting what the White House has described as corporate dominance that puts consumers, workers and smaller companies...
We’ve been talking about standards an awful lot lately: or, more specifically, the lack of them. Wireless technology standards. Mobile payment technology standards. Common AIDs for debit routing implementation. Let’s face it. Standards accelerate adoption because they facilitate development – no arguing over what to...
The ruling by Judge Leon that told the Federal Reserve Board it had erred too far in favor of the banks has gotten a lot of attention over the past two weeks. The implications for any institution that is involved in handling or accepting debit...
Section 1075 of the 2010 Dodd-Frank Act requires the Federal Reserve Board to regulate the debit card industry including the interchange fee banks and credit unions receive from merchants. This paper reviews the arguments in support of this regulation put forward by Senator Durbin, who...
JURISDICTIONAL STATEMENTThis case is before the Court onappeal from the July 31, 2013memorandum opinion and order of theUnited States District Court forthe District of Columbia, Judge Richard J. Leon, granting summaryjudgment for the plaintiffs. In the district court, plaintiffs challengedthe Board’s regulations regardingdebit interchange fees,...
Section 1075 of the 2010 Dodd-Frank Act requires the Federal Reserve Board to regulate the debit card industry including the interchange fee banks and credit unions receive from merchants. This paper reviews the arguments in support of this regulation put forward by Senator Durbin, who...
Plaintiffs NACS (formerly, the National Association of Convenience Stores),National Retail Federation (“NRF”), Food Marketing Institute (“FMI”), Miller Oil Co.,Inc. (“Miller”), Boscov’s Department Store, LLC (“Boscov’s) and National RestaurantAssociation (“NRA”) (collectively, “plaintiffs”) bring this action against the Board ofGovernors of the Federal Reserve System (“defendant” or...
Discover and the National Payments Council of India (NPCI) have announced an agreement that will enable India’s RuPay debit card to make international payments by July 2013. RuPay global cards will be issued and accepted on Discover, Diners Club International and PULSE networks for transactions...
Do you remember your “watershed” moment with a debit card? Was it a time that you had to use a debit card for an online payment, or possibly because no other option was available? If so, you fit into a five-step framework that describes how...
