Topics: Payment Systems

Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards

In issuing its bi-annual report on swipe fees as required by law, the Federal Reserve last week said it would keep the existing interchange fee standards and fraud prevention adjustments the same. The per-transaction cap remains at 21 cents and also allows for an additional charge of 0.01 cent to cover fraud as well as .05 percent of the sales amount. More

Credit Card Settlement - Important Considerations for NATSO Members

NATSO has developed an online memo and other documents to provide you with the information you need to consider the your options related related to the settlement. More

Credit Card Settlement Appeal Delayed Until Fall

The U.S. Court of Appeals has ruled that an appeal of the proposed swipe fee settlement should wait until after objections to the settlement are filed and heard next fall. That means that settlement notices to retailers across the country can continue to be distributed, and that retailers will have the opportunity to opt out of the monetary portion of the case and/or object to the proposed settlement. Notices will be sent to retailers who accepted Visa and/or MasterCard at any time between Jan. 1, 2004 and Nov. 27, 2012. Even if retailers submitted a declaration objecting to the proposed settlement last fall, they must respond to the notice and submit something in writing again if they want to opt-out of or object to the proposed settlement. More

Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement

A federal appeals court panel has denied an appeal aimed at reversing preliminary approval of the $7.25 billion settlement of the antitrust case against Visa and Mastercard. More

NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement

To force merchants into an 'agreement' with Visa and MasterCard that leaves them worse off than without it -- that just goes against all notions of fairness. More

Swipe Fee Settlement is Granted Preliminary Approval

Despite unprecedented opposition from merchants, on Friday a federal judge gave preliminary approval of a $7.2 billion settlement of litigation against Visa, MasterCard and several large banks. More

Majority of Named Plaintiffs Oppose Visa, MasterCard Settlement

NATSO last week joined a majority of the named plaintiffs in announcing their opposition to the proposed antitrust settlement agreement with Visa, MasterCard and some of the largest banks that were filed on Oct. 12. More

Durbin Says Interchange Reform Showing Results

Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association's claims that swipe fee reform is a mistake. More

NATSO Joins Retail Groups Asking Congress to Reject Claims by Visa, MasterCard

NATSO joined a group of associations representing retailers to highlight the reasons behind the growing opposition to the proposed settlement of the long-standing antitrust lawsuit filed by merchants against Visa, MasterCard and the nation’s largest banks. More

GAO Confirms Debit Fee Reform Helped Small Banks

GAO last week confirmed that the debit fee reform implemented Oct. 1, 2011, has helped community banks and credit unions. More

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