Issuer overdraft protections over the past few years have grown in notoriety, with many issuers early on adding the fee-based service to customer accounts without their knowledge or through communications that were unclear or hidden in lengthy documents. In 2010, the Federal Reserve banned depository...
During yesterday’s second-quarter earnings call with analysts, American Express Co.’s chief operating officer, Jeffrey Campbell, appeared to want to head off discussion of the Department of Justice’s antitrust trial against the company that began in Brooklyn on July 7. And why not, Amex has a...
Operation Chokepoint’s efforts to hit companies suspected of illegal activities where it counts - their bottom lines – may have, well, been a little choked itself this week. The FDIC removed a number of merchant types from its bank guidance, fearing listing them explicitly has...
The Federal Reserve last week released its “2013 Federal Reserve Payments Study Detailed Report,” which adds details to the summary of its findings released in December. Rich on data, the report is a triennial project for the Fed that helps the industry keep up with...
Since Congress created the Consumer Financial Protection Bureau three years ago to address consumer issues related to the financial crisis, it has logged some 400,000 complaints. In a new proposal, the bureau now wants to enable consumers and financial companies to describe details and reactions....
Last week, the New York Department of Financial Services released a series of proposed regulations called “BitLicense.” However, according to a recent TechCrunch contribution piece, the regulations will likely do more harm than good. Get the Full Story Complete the form to unlock this article and...
A federal judge last week denied requests from Visa and MasterCard to have lawsuits filed by merchants that opted out of an earlier Interchange-fee settlement agreement dismissed. And, we’re just getting started. So, what else did Judge Gleeson decide?
Justice Department representatives and bank regulators got a scolding Tuesday as a House Financial Services Subcommittee grilled them on Operation Choke Point. They defended the crackdown as necessary for consumers; but some Members of Congress really begged to differ.
Pop quiz. How does Apple make money? Selling hardware. Very good. So, is anyone really surprised that it may have its own plans to sell its own iBeacon transmitter? Well, recent filings with the Federal Communications Commission would suggest that is exactly what’s on the...
