Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged...more
In March we wrote that the European Commission (the “Commission”) had published its study on the application of the Interchange Fee Regulation (Regulation 2015/751 on interchange fees for card-based payment transactions, the...more
A new standard published by the Payment Card Industry Security Standards Council (“PCI SSC”) may make it easier and less costly for retailers to take advantage of lower cost PIN based transactions in card present scenarios....more
On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner’s Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of...more
On July 29, 2016, the Financial Consumer Agency of Canada (FCAC) published the following guidance documents on its website: - Amended Commissioner’s Guidance 10 (CG-10) – Increased Disclosure in Sales and Business...more
Omni Hotels notified guests on Friday, July 8, 2016, that its point of sale systems were compromised with malware from December 23, 2015, through June 15, 2016....more
On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more
The UK’s Payment Systems Regulator (PSR) has published its final “Guidance on [its] approach as a competent authority for the EU Interchange Fee[s] Regulation“. This guidance explains how the PSR will monitor and enforce the...more
Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more
A security event involving payment card data, especially card present data, can be one of the most costly events a company may face. Not only did a recent study report the average total cost of a data breach as $3.8 million,...more
Trump Hotel Collection, the high-end hotel chain owned by the billionaire Republican presidential hopeful and real estate developer Donald Trump, has confirmed a data security breach involving malware that the company says...more
October 1 is right around the corner. Merchants, retailers, hotels and restaurants: are you ready for what’s in your customers’ wallets? Starting next month, the payment card industry’s transition to chip-and-PIN (also known...more
Companies can be fined by the federal government for failing to properly safeguard consumer data, according to a decision this week by Pennsylvania's federal appellate court....more
With the October 1, 2015 liability shift deadline looming, merchants who have not yet made the change continue to evaluate the cost of accepting EMV cards versus the liability that will shift from the issuer to the merchant...more
In response to advanced payment technology and consumers’ preference to non-traditional payment systems of writing checks, paying cash, or swiping a credit or debit card, the Consumer Financial Protection Bureau (CFPB)...more
Amendments made to the Code of Conduct for the Credit and Debit Card Industry in Canada (Code) released by the Department of Finance on April 13, 2015, will have interesting repercussions across the entire payment industry...more