Page 4 - Interchange Fee News Today

A bipartisan letter to the credit card companies said that the fees hurt consumers; swipe fees were up over 25.6% in c-stores last year.

WASHINGTON—Merchants are calling on Congress to add swipe fees to their examination of bank fees, according to a news release.

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date.

WASHINGTON—Sixty-four percent of small businesses surveyed expect to go cashless over the next decade, while 41% plan to not accept cash within the next two years, according to a new study by Visa. Eighteen percent of small businesses are already cashless.

LONDON—Amazon has shelved its plan to stop accepting Visa credit cards issued in the United Kingdom, reports CNBC . A statement issued by Amazon yesterday said that the changes “will no longer take place.”

Key developments of interest over the last month include: United Kingdom: HM Treasury responds to Payments Landscape Review call for evidence Hong Kong: HKMA publishes white paper...

Taken quite some time to get here. but yes, this could be seen as something that will champion the consumer. mastercard of course are saying that it mastercard of course are saying thatitis mastercard of course are saying that it is the big lawyers that are going to make hay, really, because they are saying that no individual consumers have actually asked for any kind of compensation. but yes, this is going to unlock, potentially, some interesting class—action cases in the future. some interes...

ARLINGTON, VA – Today, FMI – the Food Industry Association submitted comments  to the U.S.

Read more about RBI Increases ATM Interchange Fee From Rs 15 To Rs 17 on Business Standard. Powered by Capital Market - Live News

Surveys and Reports Regulatory Developments United Kingdom: Financial Services Act 2021 becomes law On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored E...