Advertisement

Fed Interchange Rules Assailed by Incoming House Financial Services Chair

Jan. 3, 2011

Rep. Spencer Bachus (R-Ala.), the incoming chairman of the U.S. House Financial Services Committee, is urging the Fed to take a long look at proposed interchange rules before making them final. Bachus said in a letter to Fed Chairman Ben Bernanke that a 9-month timeline stipulated by the Dodd-Frank Act is not enough to develop a fair regulatory regime. He claims the short timeframe the Fed is working under will result in "hastily written rules" which could have negative effects on competition and consumers. "Given the broad scope of this required rulemaking and the enormity of its potential impact on consumers and merchants alike, we doubt that such an extremely short timeframe will be sufficient to produce thorough and thoughtful final rules that consider the myriad perspectives of all affected parties," Bachus wrote. Rep. Barney Frank (D-Mass.), the committee’s outgoing chairman, has also expressed doubt about the Fed’s proposals, calling the planned $.12 per transaction cap “too low.”



Advertisement


  • Payvision Expands into Canada - April 14, 2014
    Payvision Expands into CanadaDutch PSP Payvision is enabling cross-border e-commerce for its clients in a growing number of countries. The most recent region into which the Amsterdam-based company has expanded its operations is Canada.
  • Heartbleed Fallout Continues - April 14, 2014
    Heartbleed Fallout ContinuesSince last week, e-commerce, payments and security companies have been reacting to the news of the security vulnerability—dubbed the Heartbleed Bug—uncovered in the OpenSSL encryption standard.
  • Forte Unveils Online Payment Platform - April 10, 2014
    Forte Unveils Online Payment Platform Forte Payment Systems, a provider of online and mobile payment technology, yesterday unveiled an online payment platform that enables e-commerce merchants to accept eCheck payments in addition to traditional card payments.
  • APC Adds minFraud to Product Hub - April 3, 2014
    APC Adds minFraud to Product HubAlpha Payments Cloud this week added minFraud from MaxMind to its APC Product Hub. minFraud is an antifraud software product that offers fraud risk scoring based on IP address, email and device reputation.
  • Colo. ISO Files for IPO - March 31, 2014
    Colo. ISO Files for IPOOn Friday, Mercury Payment Systems announced it has filed registration papers with the Securities and Exchange Commission proposing an initial public offering that could net the company $100 million.
  • Klarna Closes on SOFORT Deal - March 13, 2014
    Klarna Closes on SOFORT DealSwedish online payment provider Klarna said its acquisition of German competitor SOFORT, which was first announced in December, has cleared all regulatory hurdles and is now complete.
  • Congressional Hearings on Breaches Continue - March 10, 2014
    Congressional Hearings on Breaches ContinueCongressional hearings in the wake of the massive security breaches uncovered last December (and the ones still emerging) continued on Thursday as the House Subcommittees on Oversight and Research and Technology had their say on the matter.
  • Sears: No Indication of Breach - Mar. 3, 2014
    Sears: No Indication of BreachChicago-based Sears issued a statement on Friday that said while an internal investigation of its security systems is in progress, “we have found no information based on our review of our systems to date indicating a breach.”


      BlueSnap

 


      CNP Expo

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

* Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here