Retail federation says without PINs, chip cards make little sense. Visa and MasterCard disagree.
CUNA, NAFCU and bank trade associations fire off a letter to leaders on Capitol Hill countering what they say are false retailer claims about data breaches.
The National Retail Federation has filed its expected appeal of the court decision that locked in a settlement of long-standing retailer complaints about credit card interchange.
Electronics Payment Coalition counters NRF and other appealing firms don't represent most retailers.
Appeals may delay final implementation while credit union trade groups watch for fee, other impacts.
Merchants and card issuers released separate studies Oct. 1 that made contradictory claims regarding the effect the Durbin Amendment’s interchange cap has had on consumers. The groups timed their releases to coincide with the two-year anniversary of cap’s effective date.
Merchant Payment Commission trade group uses economist's data from 27,000 retail sites to reach conclusion. NAFCU unimpressed.
An irate judge threw the Federal Reserve another curve ball during an Aug. 14 hearing when he gave the regulator until Aug. 21 to persuade the court why its 21-cent interchange debit cap should not end.
Whether or not the Federal Reserve can or will appeal the July 31 court decision that overturned two-thirds of its debit interchange regulation hinges on several unresolved legal questions.
A U.S. District Court judge gutted the Federal Reserve’s debit card regulatory regime July 31, ruling the Fed rule disobeyed the law and ordering the regulator to rewrite it.