The Durbin Amendment’s cap on debit card interchange fees is distorting the retail marketplace and harming consumers, ABA President and CEO Frank Keating said in an American Banker op-ed today responding to claims by retailers that the Federal Reserve set the fee cap too high.
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.
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.
The case will be remanded to the district court where the judge will eventually rule on the merits of plaintiffs’ claims.
MasterCard has announced several changes to its Account Data Compromise program, increasing and accelerating reimbursements for costs incurred by card issuers after data breaches.
MasterCard today said that not enough MasterCard-issuing banks accepted the proposed $19 million settlement with Target by the May 20 deadline.
The deadline for MasterCard-issuing banks to determine whether they will accept the network’s $19 million settlement with Target related to losses from Target’s 2013 data breach is Wednesday, May 20.
ABA played a lead role in securing higher post-data breach reimbursement levels for banks of banks of all sizes.
Nearly two-thirds of consumers have not heard of chip card technology — also known as EMV — even though 80 percent are concerned about the security of their debit and credit transactions, according to a recent survey commissioned by Chase, which said it will have converted more than 70 percent of its cards to EMV by the end of 2015.