Brave New Retailing World: Merchants Can Charge Extra for Payment By Credit Card

By: Monday July 16, 2012 11:43 am

The important element of this multi-billion dollar settlement with MasterCard and Visa on an antitrust lawsuit is not the total amount, though retailers stand to gain about $6 billion in damages. It’s the new regime of pricing that will affect all our lives: Retailers will be able to charge their customers more for paying with [...]

A Victory for Citizens, as Bank of America Abandons Its Debit Card Fee

By: Tuesday November 1, 2011 10:15 am

Bank of America has canceled its proposed $5 a month debit card fee, amid pressure from bank accountability groups and the Occupy Wall Street protests, as well as rage from its own customers. BofA was the final holdout among major banks on the debit card fee. JPMorgan Chase and Wells Fargo announced that they would [...]

Moynihan Tries Defending BofA Debit Card Fee

By: Friday October 7, 2011 9:20 am

CNN caught up with Bank of America CEO Brian Moynihan and asked him why he wanted to charge his customers $60 a year for using their own money. He busted out the old rightto make a profit line: Bank of America’s CEO defended his bank’s new $5 fee on debit cards on Wednesday, saying that [...]

Progressives, Dem Lawmakers Restart Move Your Money Push

By: Thursday October 6, 2011 6:26 am

The Progressive Change Campaign Committee is pushing a bill just introduced that essentially serves as a reminder to Bank of America customers that they should move their money to a local community bank. The legislation, from Sen. Dick Durbin (D-IL) and Rep. Brad Miller (D-NC), is a direct reaction to Bank of America’s announcement that [...]

BofA Debit Fees Offers Opportunity for Perfect Information to Drive Competition

By: Friday September 30, 2011 1:51 pm

Ever since Bank of America and other banks announced their monthly fees for using debit cards for purchases (BofA is leading the way on this with their $5 monthly fee), I’ve heard an elevated amount of conversation about it from friends and passersby. Most public policy doesn’t grab the person in the street, but charging [...]

The Two-Tiered System of American Justice

By: Tuesday June 14, 2011 9:55 am

Having proven unable to sway Congress into delaying the rule that will reform debit card swipe fees and end monopolistic practices, the banking industry will do what it normally does as an alternative: they’ll take the issue to court. They will allege that the Federal Reserve, in setting a cap on the fees that banks [...]

Swipe Fee Battle Comes to a Vote Today

By: Wednesday June 8, 2011 8:00 am

We have 9.1% unemployment, but we can’t pass jobs bills because they’re too expensive. We have an unreformed financial sector still desirous of engaging in risky lending, but we can’t implement risk retention rules that would force financial institutions to keep a tiny sliver of the deals they make instead of packaging them up and [...]

Lack of Leadership, Continued Power of Banks Crippling Financial Reforms

By: Tuesday June 7, 2011 8:16 am

Tim Geithner laments the “personnel gap” that has come about, with multiple members of the economic policy and financial regulatory team all leaving their posts around the same time. The federal government faces huge gaps of leadership in economic and financial policymaking, with about a dozen senior positions vacant or staffed by temporary caretakers, at [...]

Retailers Enter Swipe Fee Fight as Tester Backtracks

By: Thursday May 19, 2011 11:16 am

Retailers have finally begun to strike back on swipe fee reform, the underground issue that you would be nauseated to discover is taking up a striking amount of the Congress’ time. This is basically a battle between two large, competing interests. On the one side, you have banks who have collect $16 billion annually in [...]

Bair, Bernanke Ready to Move on Swipe Fee Rule, Despite Objections

By: Friday May 13, 2011 12:58 pm

A couple weeks ago, we saw the enormous lobby culture massing around swipe fees, the relatively obscure issue that determines where billions of dollars go between banks and retailers. The important thing to start with is that this was already determined through a public process. Last year, Congress held a vote, Dick Durbin got over [...]

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