Debit Cards

News & Analysis as of

D.C. Circuit Rejects Merchant Challenge To Higher Cap On Debit Card Transaction Fees

On March 21, the U.S. Court of Appeals for the D.C. Circuit held that the Federal Reserve Board’s final rule imposing a 21-cent per transaction limit on debit card interchange fees (up from a 12-cent per transaction limit in...more

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

Banking & Financial Services E-Note - March 27, 2014

In This Issue: - SEC Considers New Funding Rules for Shadow Banking System - Judge Backs FTC Authority to Pursue Payday Lenders - Regulator Estimates Volcker Rule Could Cost Banks Up to $4.3B - Appeals Court...more

College Debit Cards

PLA today posts the GAO’s report, issued last month, analyzing the market for college debit cards and expressing concern about “students’ access to no-fee ATMs, schools’ influence over students’ banking and payment choices,...more

Scrutiny of campus financial products grows

The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more

Commercial Financial Services Brief: Can My Bank Recover Costs Related to Replacing Debit or Credit Cards?

Many financial institutions are counting the costs they are incurring for replacing customer debit or credit cards as a result of recently discovered security breaches at various national retailers. These costs will be...more

Proposed Amendments To New Jersey Wage Payment Law Would Permit Payment By Debit Cards

On November 18, 2013, the Assembly introduced a bill (A4424) amending the current wage payment law to permit employers to pay wages by deposit in a payroll debit card account. This practice...more

The Number of The Day: 70 Million (at least)

The Target data breach story keeps getting worse. The December pre-Christmas disclosure was the theft of up to 40 million Target shoppers’ credit and debit card information in what appeared to have been a hack of the Target...more

Are You a Target?

As has been widely reported, the popular retail giant Target announced yesterday that it suffered a data breach impacting approximately 40 million credit and debit card accounts used in Target stores across the country...more

CFPB releases compliance costs report

The CFPB recently released a report on the operational costs of regulatory compliance. The 176-page report is entitled “Understanding the Effects of Certain Deposit Regulations on Financial Institutions’ Operations: Findings...more

The Download - November 2013

In this issue: - Senator Markey and Representative Barton Reintroduce Do Not Track Kids Act - House Bipartisan Working Group Continues Discussion on Privacy - Federal Trade Commission Holds Workshop on...more

Financial Services Law -- Nov 21, 2013

Bank Can Be Liable Under California Law for Overdraft Fee Charge Ordering - A checking account that includes a debit card feature is a “service” under California’s Consumer Legal Remedies Act, according to a new...more

New Rules in Canada for Payments Contracts

New rules came into effect in Canada on Nov 12, 2013 dealing with contracts between merchants and payment providers (including banks), payment networks, payment hardware providers or multiple service providers, in the credit...more

N.D. Cal. Holds Debit Cards Are “Services” For Purposes Of The CRLA

On October 25, the United States District Court for the Northern District of California partially denied a bank’s motion for judgment on the pleadings seeking to dispose of class claims under California’s Unfair Competition...more

Financial Institutions and Employers Cannot Mandate that Wages be Deposited to Payroll Card Accounts

Payroll card accounts have many benefits. The cards are a helpful option for employees who do not have checking accounts, and many banks have offered financial incentives to employers who choose their institution's card to...more

Can the CFPB Regulate Payroll Cards?

As credit card issuers have been subjected to increasing restrictions on the interest and fees they can charge consumers, they have found a new and lucrative sector in which to market their debit cards: payroll. The Federal...more

Congressional Democrats Seek Information On Student Debit Cards; CFPB Plans “Banking On Campus” Event

On September 26, several Democratic Members of Congress, including Assistant Senate Majority Leader Dick Durbin (D-IL), House Financial Services Ranking Member Maxine Waters (D-CA), House Education Committee Ranking Member...more

CFPB Weighs In On Employer Use Of Payroll Cards

In a recent blog post, we discussed the legal issues associated with employer use of payroll debit cards in lieu of printed paychecks. We concluded that because of the lack of federal and state regulatory guidance on the...more

Hospitality Update, No. 3, September 2013: Put It On My Card? Not So Fast!

In the age of technology and convenience, some businesses, particularly those with multi-state operations, are turning away from issuing paychecks to employees or paying them by direct deposit. Instead, some are opting to...more

D.C. Federal District Court Vacates Federal Reserve Board’s Interchange Fee Rule

On July 31, the U.S. District Court for the District of Columbia held that the Federal Reserve Board’s 2011 final rule implementing the so-called Durbin Amendment is invalid under the Administrative Procedures Act (APA). NACS...more

Federal Court Declares Debit Card Interchange Fee Rule Provisions Invalid

A Washington, D.C., federal district court has declared that the interchange fee and network non-exclusivity provisions of the Federal Reserve Board’s final debit card interchange fee rule are invalid....more

Are Pay Cards Lawful Wage Payments In Virginia?

It was recently reported that a worker at a Pennsylvania McDonald’s sued her employer, a McDonalds’s franchisee, because she was required to receive her pay in the form of a debit card that carried hefty charges for virtually...more

CFPB Director Cordray Addresses Overdraft Fees

In prepared remarks given on June 11, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray summarized the CFPB’s preliminary report on the overdraft practices of banks and other financial institutions....more

FDIC Announces Enforcement Action Against Debit Card Issuer, Affiliated Service Provider

On May 31, the FDIC announced enforcement actions against a California bank and an affiliated service provider for alleged unfair and deceptive practices in the marketing and servicing of a prepaid reloadable MasterCard. ...more

Highlights of the Future of Community Banking Symposium

On May 1, 2013, Spilman Thomas & Battle, PLLC, in conjunction with the North Carolina Bankers Association, held The Future of Community Banking Symposium in Greensboro, N.C. It was a day-long discussion of the issues facing...more

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