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Credit Card Law

Judge strikes down debit card rate cap, suggests lower fees for merchants

Bankers call it a "windfall" for retailers, while merchants call it a chance to set "wrongs right." Either way, a late July decision by U.S. District Judge Richard Leon could impact consumers who use traditional bank accounts with linked debit cards. Judge Leon struck down a Federal Reserve rule that capped debit card processing fees [...]

Categories: Credit Card Law
FTC proposes limiting telemarketing sales to credit cards and mailed payments

A proposal to update telemarketing regulations could restrict most "business-to-consumer" transactions to credit cards or mailed payments. In a statement to reporters, Federal Trade Commission officials announced their intentions to amend the Telemarketing Sales Rule so it forbids telemarketers from using remote checking account withdrawals or money transfers as forms of payment. FTC investigators reported that [...]

Categories: Credit Card Law
Stay-at-home spouses regain access to credit card offers after CFPB rule change

Stay-at-home spouses no longer have to skirt federal rules when completing credit card applications, thanks to a new ruling from the Consumer Financial Protection Bureau. In a formal filing to the Federal Register, the CFPB clarified its position on whether spouses and partners without independent sources of income can reasonably expect to access joint savings [...]

Categories: Credit Card Law
California credit card ruling raises consumer privacy concerns

A court ruling in California could pit privacy-conscious credit card users against retailers in a conflict over how companies can use customer information. In a February decision, the California Supreme Court ruled that online merchants selling digital downloads can ask for shoppers' personally identifiable information, such as ZIP codes and phone numbers, even if that [...]

Categories: Credit Card Law
Grocers reject Visa and MasterCard settlement deal, while legislators work to ban credit card surcharges

As even more retailers back away from a proposed settlement with credit card issuers over payment processing fees, state legislators consider new rules that would prevent merchants from recouping costs with surcharges. In a unanimous decision, the board of the National Grocers Association voted to formally object to a deal with Visa and MasterCard that [...]

Categories: Credit Card Law
Federal Trade Commission investigates debit card processing fee limits

The Federal Trade Commission left a Christmas Eve gift for Congress, in the form of a ten-page report outlining its enforcement of 2010's Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other changes to federal finance regulations, the Dodd-Frank Act overhauled rules related to how much banks can charge retailers to process debit and [...]

Categories: Credit Card Law
FTC shuts down telemarketers promising balance transfer offers

Government officials announced plans to halt operations that promised credit card balance transfers, low interest credit cards and other forms of debt relief. According to spokespeople at the Federal Trade Commission, continuing crackdowns on debt relief scams have resulted in at least seven court-ordered shutdowns during November and December. According to FTC spokesman Mitchell J. Katz, [...]

Categories: Credit Card Law
Restaurant owners reject proposed Visa, Mastercard swipe fee settlement

The country's largest restaurant trade group joined a chorus of detractors claiming that a proposed settlement over credit card interchange fees doesn't go far enough to foster competition among merchant banks. In a statement to reporters, Dawn Sweeney, President and CEO of the National Restaurant Association, said that the pending deal with Visa, MasterCard, and [...]

Categories: Credit Card Law
NCPA rejects credit card transaction fee settlement

Pharmacists joined convenience store owners, co-op operators, and Walmart in rejecting a proposed $7.25 billion settlement over credit card transaction fees. Leaders of the National Community Pharmacists Association issued a statement this month expressing concerns about the deal involving Visa, MasterCard, Bank of America, Citibank, and a host of other banks and transaction processing companies. According [...]

Categories: Credit Card Law
Law professor questions banks' adherence to student credit card rules

Credit card issuers have found loopholes in regulations designed to limit marketing of student credit cards on campus, according to a professor at the University of Houston Law Center. In a new study released this month, professor Jim Hawkins reveals evidence that the Credit CARD Act has done relatively little to restrict aggressive sales tactics [...]

Categories: Credit Card Law, Student Credit
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