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A bill that would slightly reduce credit card ‘swipe fees’ is moving quickly through the Pa. legislature, but while merchants are on board, banks and credit card companies are not.
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
The Durbin amendment, implemented by Regulation II, [ 1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a ...
Introduced in the Senate at the end of July by Senators Dick Durbin (D-IL) and Roger Marshall, M.D. (R-KS), the Credit Card Competition Act of 2022 calls on the Federal Reserve System to prohibit ...
Most seat belt laws in the United States are left to state law. However, the recommended age for a child to sit in the front passenger seat is 13. The first seat belt law was a federal law, Title 49 of the United States Code, Chapter 301, Motor Safety Standard, which took effect on January 1, 1968, that required all vehicles (except buses) to be fitted with seat belts in all designated seating ...
The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa, Mastercard and their member banks acted in violation ...
Legal scholars Edward Morse and Vasant Raval have said that by enshrining PCI DSS compliance in legislation, card networks reallocated the cost of fraud from card issuers to merchants. [16] In 2007, Minnesota enacted a law prohibiting the retention of some types of payment-card data more than 48 hours after authorization of a transaction.
Opponents of credit card swipe fee legislation claim it will benefit big box retailers, cause harm to consumers and small businesses. From our readers: