There is no uniformity among the federal courts regarding the constitutionality of the “no surcharge” law. California recently held that its “no surcharge” statute was unconstitutional, but Texas recently held otherwise.
Responding in The Hill to claims by a retailer trade group, ABA SVP Doug Johnson made the case today that the chip in new EMV cards is the key to securing card transaction — not the PIN, as retailers have argued.
With the liability shift for EMV card technology coming up on Oct. 1 and many customers receiving chip-enabled cards in the mail, ABA has released a new infographic and is running a radio ad to help the public understand the new technology.
New credit card accounts rose 14 percent year-on-year in the first quarter, with total accounts reaching their highest level since 2008, according to the latest edition of ABA’s Credit Card Market Monitor released today.
Visa and Target have reached a $67 million settlement of claims by Visa and its card issuers related to losses from Target’s 2013 data breach, news outlets reported yesterday.
At a Capitol Hill event on payment security technology yesterday, ABA SVP Bill Boger represented the financial services industry and emphasized the importance of innovation and dynamic technology in stopping card fraud.
A conference is scheduled in the district court for October 5, 2015 to decide the next steps in the litigation.
MasterCard has announced several changes to its Account Data Compromise program, increasing and accelerating reimbursements for costs incurred by card issuers after data breaches.
ABA yesterday issued a bank members-only staff analysis of the Defense Department’s final rule under the Military Lending Act tightening restrictions on lending to service members and their families.
The Defense Department today issued a final rule tightening restrictions on lending to service members. The rule expands the restrictions in the Military Lending Act — which principally targeted tax refund anticipation loans, payday loans and car title loans — to cover credit cards, lines of credit, installment loans and deposit advances offered to service members.