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Payments News Update – October 20, 2023

Legal and Regulatory Developments SPOTLIGHT: The Wall Street Journal – October 17, 2023 (subscription required) The Federal Reserve is preparing a proposal that would lower the fees merchants pay to many banks when consumers shop with debit cards. Today, merchants pay large card issuers 21 cents plus 0.05% of the transaction amount, the level set by the Fed in...

Payments News Update – October 13, 2023

Legal and Regulatory Developments SPOTLIGHT: Reuters – October 10, 2023 The Australian government said on Wednesday it planned to introduce laws that would empower the central bank to regulate digital wallet providers including Apple Pay (AAPL.O) and Alphabet's (GOOGL.O) Google Pay. Apple Pay, Google Pay and China's WeChat Pay, which have...

Payments News Update – October 6, 2023

Legal and Regulatory Developments SPOTLIGHT: Payments Dive – September 29, 2023 The Supreme Court on Friday granted a petition from a group of North Dakota merchants who brought a case against the Federal Reserve Board in 2021 over the central bank’s setting of a debit card fee cap. The merchants’ petition for review isn’t with respect to the merits of the...

Payments News Update – September 22, 2023

Legal and Regulatory Developments SPOTLIGHT: Payments Dive – September 21, 2023 California’s legislature has passed a bill that would outlaw plastic gift cards, with legislators in the Senate and Assembly overcoming some opposition this month in votes approving the legislation, according to the state’s legislative website. About 70% of retail gift...

Payments News Update – September 15, 2023

Legal and Regulatory Developments SPOTLIGHT: Digital Transactions News – September 8, 2023 The Consumer Financial Protection Bureau late Thursday released a report raising questions about the part restrictions imposed by big technology firms like Apple Inc. and Alphabet Inc’s Google subsidiary may play in hampering innovation, consumer choice, and the...

Payments News Update – September 1, 2023

Legal and Regulatory Developments SPOTLIGHT: The Paypers – August 31, 2023 Since 2011, most card-not-present (CNP) merchants have had limited access to alternative debit networks due to issuers not enabling transaction routing. Now, nearly two months since the Federal Reserve codified that issuers must enable two networks for ‘all types of...

Payments News Update - August 25, 2023

Legal and Regulatory Developments SPOTLIGHT: Digital Transactions News – August 22, 2023 New Jersey has implemented a law that prohibits merchants in the state from profiting from credit card surcharging and requires merchants to clearly disclose any surcharges to consumers. The law, which was passed by the New Jersey legislature in June...

Payments News Update - July 28, 2023

Legal and Regulatory Developments SPOTLIGHT: PYMNTS – July 26, 2023 Visa is reportedly under continued scrutiny by the U.S. Department of Justice. A new civil investigative demand, similar to a subpoena, was filed May 2, bringing to light a deepening inquiry into the payment processor’s practices, Bloomberg reported Wednesday (July...

Payments News Update - July 14, 2023

Legal and Regulatory Developments SPOTLIGHT: CFPB – July 11, 2023 Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in...

Payments News Update - June 2, 2023

Legal and Regulatory Developments SPOTLIGHT: Central Banking – June 2, 2023 Eighty-three per cent of central banks are working on projects investigating central bank digital currency (CBDC) for retail payments purposes, data from the Payments Benchmark 2023 shows. Eighteen central banks said they were in the research phase of CBDC development. Another...