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Federal Reserve Governor Randall S. Kroszner gave a speech earlier today titled "Protecting Consumers in the Credit Marketplace" at the Federal Reserve Bank of Cleveland Community Development Policy Summit in which he spoke to the Fed's activities with respect to better information disclosure to consumers about credit card terms as well as preventing certain "abusive practices" by credit card issuers.
In a speech given today by Barack Obama in Chicago, he commented on the credit card industry: "But many more Americans aren’t falling into debt because they made an irresponsible decision; they’re falling into debt because credit card companies are pushing them over the edge. For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford."
In a paper titled "Credit Card Interchange Fees: Debunking Six Myths" 
, Steven Semeraro, Associate Professor of Law and Associate Dean at the Thomas Jefferson School of Law in San Diego, writes about credit card interchange fees.
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In an article titled "The iPhone as Money", Christopher Breen writes for Macworld about two new features in the iPhone 3G: support for new communications protocols and GPS. He says "there’s incredible power in a device that knows where it is and that can purchase stuff based on its location."
Verizon Business has announced a comprehensive report on data breaches concluding that "nearly nine in 10 corporate data breaches could have been prevented had reasonable security measures been in place." The study also provides key recommendations to help businesses protect themselves and urges them to be proactive.
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Jim Bruene writes on NetBanker about Apple's announcement on Monday of the new Apple iPhone 3G - and what banks should be thinking about in terms of the implications for their customers. Jim's advice: "Since there is NO COST to list your app in Apple's App Store, financial services companies should rush to get their app loaded as close to the July 11 launch date as possible." (Note: Apple does not charge for free applications distributed through its App Store. For applications where developers want to charge a fee, Apple takes a 30 percent share of the price of the application. Apple also announced a new way for enterprises to distribute applications to run only on iPhones within their particular enterprise.)
Chris Skinner blogs about the results of a discussion earlier this week at the Financial Services Club in London on the question of whether current authentication and identification methods are good enough.
RSA has announced the worldwide availability of the RSA SecurID 1100 Display Card, "an event-based, one-time password (OTP) authenticator in a flexible card form-factor designed to help financial institutions and their customers secure online accounts and transactions with two-factor authentication." READ MORE »
Bank of America has announced that it has surpassed one million unique active mobile banking customers. "Mobile Banking allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and even locate banking centers and ATMs, accompanied by maps and directions. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online Banking services. Nearly 25 million consumers bank online with Bank of America." READ MORE »
Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.
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