PYMNTS.com’s new series, “Dealing with Durbin,” will explore angles for how financial institutions can move forward in light of the Federal Reserve’s final rules for debit reform. First up is one of the top entrepreneurs in payments, eBillme CEO Marwan Forzley, who brainstorms with Market...
(a) IN GENERAL.—The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended— Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS...
On July 21, 2010 President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law (P.L.111-203), ushering in sweeping reforms of the banking industry including reforms of interchange fees. The law directs the Federal Reserve to write regulations no later than nine...
The Reserve Bank of Australia reduced interchange fees by almost half thereby eliminating a significant source of revenue to issuers of credit cards. The purpose of this intervention was to align the prices of using various payment instruments with their social costs and thus reduce...
The Durbin clock is ticking. A week from today the Fed will only have 8 of its 9 months left for some of the most sweeping price regulation the economy has seen for a long time–caps on debit card interchange fees that will affect most...
Fresh off of the most substantial national liquidity crisis of the last generation and the enactment of sweeping credit card regulation in the form of the Credit CARD Act, Congress continues to deliberate, with a continuing drumbeat of support from lobbyists, a set of new...
The U.S. Congress is in the final stretches of passing financial reform legislation which has been under intense discussion and debate since the implosion of the financial system in September 2008. Congress is now trying to reconcile the Senate bill spearheaded by Senator Dodd and...
As financial institutions grapple with the impending regulation of debit card interchange fees it is worth taking a look at what happened in Australia. The Reserve Bank of Australia (RBA) announced is final reforms to regulate credit-card interchange fees in 2002 after a three year...
Durbin Down UnderAs financial institutions grapple with the impending regulation of debit card interchange fees it is worth taking a look at what happened in Australia. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS...