Page 2 - Merchant Code News Today

Coming on signature for having me on tonight. want to bring in my panel right now? l z your thoughts? yeah i wanted to ask steve because i was soon as he said, this remark. i was just like, what are you talking about ? and thats the merchant code, which is something that just developed recently within the banking world. when you go back and you look at the patriot act , one of the things that requires banks to do is to keep track of your purchases. and if you make any purchases that are sort of ...

The 2nd Amendment Financial Privacy Act would prohibit a payment settlement entity, merchant acquiring entity, or a third-party settlement organization from assigning a merchant category code or otherwise classifying a merchant that is a seller of firearms or ammunition separately from general merchandise retailers or sporting goods retailers.

The group, led by New Jersey AG Matthew Platkin, condemned the firms for buckling under political pressure, in a letter sent to the chief executives of the companies, and called their action "unjustifiable" on Thursday. Visa, Mastercard and American Express did not immediately respond to Reuters requests for comment.

Here are this week’s curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: ...

Shootings, and gun violence, gun advocates have been happy, they cheered when visa, america express, and mastercard came out and said theyll do that this new merchant code that will actually break out gun retailers separately. yet, now we have this is two dozen republican ags say it will harm the rights of gun owners before singling them out and potential could lead to consumer abuse. they also note this new system is not going to distinguish between the purchase of, say, a gun safe and an actua...

Gun control groups are pulling back the curtain to reveal that their plan to add a firearm and ammunition-specific Merchant Category Code (MCC) for gun retailers isn’t about tracking guns. It’s [...]

The decision comes after the International Organization for Standardization, a Geneva-based nonprofit, approved the creation of a merchant code for gun retailers.