U.S. card data is low-hanging fruit for data thieves.
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.
A three-judge panel may wind up preserving the Fed's debit interchange regulation, which a lower court invalidated last year.
Counsel to retail plaintiffs explains that the Durbin Amendment precludes Fed from including fraud costs in the debit interchange cap.
For years, banks have issued fraud-prone mag stripe cards, putting information at risk, the letter from the National Retail Federation said.
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.