EMV Shift & Truckstops: One Year Later
Truckstop and travel plaza operators along with the entire retail industry are still working to comply with the EMV shift—the move to align credit and debit cards in the United […]
08-31-2016
NATSO Submits Formal Letter to Chairman Hensarling to Protect Debit Reform
In a formal comment letter to Chairman Jeb Hensarling (R-TX) of the U.S. House Committee on Financial Services, NATSO’s government affairs team expressed concerns with proposed legislation to repeal debit swipe fee reform, commonly referred to as the “Durbin Amendment.”
07-19-2016
NATSO Members, Merchants Coalition Oppose Repeal of Durbin Amendment
Many NATSO members joined more than 120 companies representing a broad cross-section of the U.S. economy in urging Members of Congress to reconsider legislation that would repeal debit card fee reforms implemented under the Durbin Amendment of the Dodd-Frank Wall Street Reform Act.
07-14-2016
NATSO, Merchants Coalition Oppose Repeal of Debit Reforms
NATSO joined more than 160 national and state trade associations representing retailers and employers, in voicing strong opposition to H.R. 5465 and language in the CHOICE ACT that would repeal the debit reforms in the 2010 financial services reform legislation known as the Durbin Amendment.
07-06-2016
NATSO CEO: Court’s Reversal of Visa, MasterCard $7.25 Billion Settlement Major Victory
NATSO President and CEO Lisa Mullings today said the decision by the U.S. Court of Appeals for the Second Circuit to reverse the $7.25 billion antitrust settlement that Visa and MasterCard had reached with millions of retailers over the high transaction fees that retailers pay each time a customer uses a credit card marks a major victory for retailers.
07-01-2016
Kroger Sues Visa Over Signature vs. PIN in Debit Transactions
The lawsuit is just the latest in a series of lawsuits that large merchants have filed against credit card companies over restrictions on PIN authentication. NATSO continues to actively urge members of Congress to examine the payments system, arguing that PIN authentication is the most secure, cost-effective solution.
06-30-2016
Visa, Mastercard $7.25 Billion Settlement Void
Marking a major victory for retailers, a federal appeals court today threw out the $7.25 billion antitrust settlement that Visa and MasterCard had reached with millions of retailers over the high swipe fees that retailers pay each time a customer uses a credit card ruling that it was unfair to retailers who stood to receive no payments and little or no benefit.
06-30-2016
Credit Card Companies Announce Plans to Expedite EMV Equipment Certification, Reduce Chargebacks
Recognizing the growing and unacceptable problem with chargebacks, Visa has announced modifications to EMV certification and chargeback requirements, and shortly thereafter MasterCard and American Express followed suit. These announcements undoubtedly came in response to growing pressure from retailers and their advocates that the EMV liability shift has resulted in an excessive and unfair increase in chargebacks that retailers have absorbed, often with no viable method for avoiding them.
06-26-2016
Home Depot Sues Visa, MasterCard over EMV Switch
Home Depot Inc. has filed an antitrust lawsuit against Visa and MasterCard, adding to claims from a previous lawsuit alleging that retailers pay too much in swipe fees by now questioning chip-based cards’ effectiveness in reducing fraud without PIN authentication.
06-20-2016
Debit Card Swipe Fee Reform is Under Attack
There is a coordinated effort underway to repeal debit card swipe fee reform known as the Durbin Amendment. This is a serious concern for the travel plaza and truckstop industry, which has benefited from the certainty, transparency, and competition that the Durbin Amendment provided into the debit card payment system market. If these efforts are successful, debit card swipe fees would likely skyrocket again.
06-20-2016
Key Lawmaker Proposes Repeal of Durbin Amendment
Rep. Jeb Hensarling (R-Texas) Chairman of the House Committee on Financial Services, announced that he will introduce legislation in the coming weeks to overhaul significant parts of the Dodd-Frank financial regulations.
06-10-2016