NATSO last week joined a majority of the named plaintiffs in announcing their opposition to the proposed antitrust settlement agreement with Visa, MasterCard and some of the largest banks that were filed on Oct. 12.
Payment Systems
Durbin Says Interchange Reform Showing Results
Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association’s claims that swipe fee reform is a mistake.
NATSO Joins Retail Groups Asking Congress to Reject Claims by Visa, MasterCard
NATSO joined a group of associations representing retailers to highlight the reasons behind the growing opposition to the proposed settlement of the long-standing antitrust lawsuit filed by merchants against Visa, MasterCard and the nation’s largest banks.
GAO Confirms Debit Fee Reform Helped Small Banks
GAO last week confirmed that the debit fee reform implemented Oct. 1, 2011, has helped community banks and credit unions.
NATSO Rejects Proposed Settlement in Antitrust Litigation
NATSO announced today that it has joined others in rejecting a proposed settlement of the antitrust lawsuit brought by merchants, including NATSO, alleging that Visa, MasterCard and national banks collude to set artificially high swipe fees.
Fed Rule Allows Banks to Charge Merchants “Fraud Prevention” Fee
The Federal Reserve Board last week announced approval of a final rule that allows debit card issuing banks with more than $10 billion in assets to charge a one cent fraud prevention fee.
Federal Reserve Releases Report on Debit Interchange Fees
Small banks have been unaffected by the changes to debit card transaction fees under last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act and competition remains absent from the debit payment market, according to a new report issued by the Federal Reserve last week.