Payments

Fed: Debit Fraud Costs Jump 44 Percent in Two Years

Debit card-related fraud losses to merchants, cardholders and issuers rose from 2013 by 44 percent, reaching $2.41 billion in 2015, according to the Federal Reserve’s biennial survey of debit card issuers’ costs released today.

Read More »

Fintech, Customer Experience Key Concerns for Fed Advisory Council

Members of the Federal Reserve’s Community Depository Institutions Advisory Council -- which includes several ABA member bank CEOs -- raised concerns over the uncertain regulatory environment for innovation and bank-fintech partnerships and over growing regulations that directly harm the customer experience, according to minutes of the CDIAC’s last meeting released by the Fed.

Read More »

Fed Q&A Interprets Durbin Amendment Routing on EMV

Under the Durbin Amendment, card networks cannot require merchants to allow debit cardholders to choose EMV chip application when one application routes to a single network, according to a Q&A added on Wednesday to the Federal Reserve’s Regulation II frequently asked questions page.

Read More »