Over on PaymentsViews.com, Glenbrook's Erin McCune takes a look at Wells Fargo's new small business invoicing solution - announced yesterday. Erin spoke earlier today with Richard Weeks, Senior Vice President at Wells Fargo’s Internet Service Group, to learn more about the new service.

American Express has reported financial results for the first quarter of 2009 - including a decline in total revenues of 18% with income of $443 million. Amex reported US card spending of more than $63 billion and said it has $207 billion in open credit lines to consumers and small businesses. Merchant discount revenue also declined 18% with the average discount rate down slightly to 2.56%. Average cardholder spending declines 18% worldwide to $2,443.

From a White House press release: "President Obama met with representatives from the credit card industry this afternoon to discuss the impact of the current economic crisis on consumers. He has been a strong proponent of cleaning up the practices of the credit card industry since he was a Senator and he called for measures to strengthen consumer protection in the credit card market during the campaign." READ MORE »

U.S. Senators Charles E. Schumer (D-NY) and Senate Banking Chairman Christopher Dodd (D-CT) have called on federal regulators to implement an emergency freeze on interest rates tied to existing balances on credit cards. READ MORE »

In a new PaymentsViews.com article titled "Why Debit Cards Aren't a Product...and Why 'Decoupled Debit' Could Change All That", Glenbrook's Carol Coye Benson asks whether debit cards are products - or features?

Yesterday, the US House Financial Services Committee approved legislation that would "provide credit card customers crucial protections against unfair, deceptive, and anti-competitive credit card practices, which include double-cycle billing, due-date gimmicks, and retroactive interest rate hikes. The bill would also increase the advance notice of impending rate hikes and give consumers the information and rights they need to manage their credit responsibly." READ MORE »

First Data has announced that it has entered into a relationship with Visa in Canada, becoming the first merchant acquirer in the country to directly participate in all three major schemes: Visa, MasterCard and Interac. READ MORE »

Nokia has announced its third fully integrated Near Field Communication (NFC) device, the Nokia 6216 classic, Nokia's first SIM-based NFC device. According to Nokia, "with NFC consumers will benefit from greater ease of use, more convenient sharing of content - such as images, weblinks, audio files or contact data - as well as secure payment and ticketing transactions, all with just one tap of the device." READ MORE »

• Digital Transactions: How Washington's Credit Card Fray Could Hammer Acquirers
• Canada.com: MPs hear plea from Visa and Mastercard
• WSJ.com: White House Seeks Relief for Consumers on Credit-Card Rules
• Consumer Nation - CNBC.com: Poll: How Are Credit Card Companies Treating You?
• American Bankers Association Statement on White House Meeting with Credit Card Executives
• POLITICO.comTough talk at White House for credit card execs
• Credit Card Direct Mail More Robust in Canada Than in the US, Finds Mintel Comperemedia
• Globe and Mail (Canada): U.S. credit card firms push for access to debit
• Slate - The Big Money: Elizabeth Warren Is My Hero: She may also be the American middle class’s last hope.
• USATODAY.com: White House and Congress target credit card rates
• Morgan Drexen Backs President Obama's Examination of Credit Card Companies and How They Charge Consumers
• Visa Inc. Announces Quarterly Dividend
• Sino Payments Completes Global Processing Platform System in China
• Moneybookers Announces Appointment of Tero Pollanen as Head of Anti-Fraud to Help Facilitate Further Growth
• POLITICO.com: Credit companies brace for White House visit
• CNNMoney.com: Obama to meet with credit card execs, make his case