Federal Reserve Appeals Debit Fee Ruling
The Federal Reserve announced late Aug. 21 that it will appeal the recent ruling by the U.S. District Court in Washington that it set the cap on debit card transactions too high.
08-22-2013
Could Retailers Get Repaid for Debit Fee Overcharges?
The judge who rejected the Federal Reserve鈥檚 regulations governing debit fees under the Dodd-Frank Wall Street Reform and Consumer Protection Act gave the Federal Reserve just one more week to come up with a position on interim fee reductions and a timeline for permanently installing new lower fees. He also suggested that retailers should be repaid by financial services companies for millions of dollars in overcharges.
08-16-2013
Judge Agrees With Retailers; Rejects Debit Card Swipe Fee Rule
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
You Have Questions. We Have Answers.
One of NATSO鈥檚 primary roles is to deliver solutions to members鈥� challenges. Each day members tap into the expertise of NATSO鈥檚 staff for answers to some of their most pressing questions. Stop Watch compiled some recent member inquiries and sat down with Darren Schulte, NATSO鈥檚 vice president of membership, for detailed answers.
04-19-2013
Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards
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
Credit Card Settlement Appeal Delayed Until Fall
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
Tolling, Commercialization, Swipe Fees: 黑料社区Responds to Challenges in 2012
If there was ever a year when 黑料社区was challenged on all of its major issues, it was 2012. NATSO’s top issues–rest area commercialization, tolling and credit card swipe fees–were all in play throughout the year, with a big test early in the year on the rest area commercialization issue. And though we passed the test, there is always more to be done. But 黑料社区moves into 2013 with optimism and momentum in a positive direction, committed to continue protecting the interests of Interstate-based businesses.
12-24-2012
Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement
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
NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement
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
Swipe Fee Settlement is Granted Preliminary Approval
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
Majority of Named Plaintiffs Oppose Visa, MasterCard Settlement
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