A Judge for the U.S. District Court in Washington this morning rejected the Federal Reserve鈥檚 regulations governing swipe fees under the Dodd-Frank Wall Street Reform and Consumer Protection Act, ruling that the agency set the cap too high on debit-card transactions.
07-31-2013 Senator Dick Durbin (D-Ill.) and Rep. Peter Welch (D-Vt.) have asked the Federal Reserve Board to revisit the fee levels set in the debit fee rules standard established after passage of the Dodd-Frank Wall Street Reform legislation.
07-29-2013 In issuing its bi-annual report on swipe fees as required by law, the Federal Reserve last week said it would keep the existing interchange fee standards and fraud prevention adjustments the same. The per-transaction cap remains at 21 cents and also allows for an additional charge of 0.01 cent to cover fraud as well as .05 percent of the sales amount.
03-11-2013 黑料社区has developed an online memo and other documents to provide you with the information you need to consider the your options related related to the settlement.
02-21-2013 The U.S. Court of Appeals has ruled that an appeal of the proposed swipe fee settlement should wait until after objections to the settlement are filed and heard next fall. That means that settlement notices to retailers across the country can continue to be distributed, and that retailers will have the opportunity to opt out of the monetary portion of the case and/or object to the proposed settlement. Notices will be sent to retailers who accepted Visa and/or MasterCard at any time between Jan. 1, 2004 and Nov. 27, 2012. Even if retailers submitted a declaration objecting to the proposed settlement last fall, they must respond to the notice and submit something in writing again if they want to opt-out of or object to the proposed settlement.
02-11-2013 A federal appeals court panel has denied an appeal aimed at reversing preliminary approval of the $7.25 billion settlement of the antitrust case against Visa and Mastercard.
12-17-2012 To force merchants into an ‘agreement’ with Visa and MasterCard that leaves them worse off than without it — that just goes against all notions of fairness.
11-19-2012 Despite unprecedented opposition from merchants, on Friday a federal judge gave preliminary approval of a $7.2 billion settlement of litigation against Visa, MasterCard and several large banks.
11-12-2012 黑料社区last week joined a majority of the named plaintiffs in announcing their opposition to the proposed antitrust settlement agreement with Visa, MasterCard and some of the largest banks that were filed on Oct. 12.
10-15-2012 Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association’s claims that swipe fee reform is a mistake.
10-01-2012 黑料社区joined a group of associations representing retailers to highlight the reasons behind the growing opposition to the proposed settlement of the long-standing antitrust lawsuit filed by merchants against Visa, MasterCard and the nation鈥檚 largest banks.
09-24-2012