Yesterday, WAMU's Diane Rehm Show devoted an hour to a discussion of the credit card industry and legislation that has passed the House and is pending in the Senate to deal with certain issuer practices. You can listen to the show online.

Obopay has announced the Obopay Family Account that "lets parents send money to their children -- or any family member -- instantly from any mobile phone. With Obopay's Family Account, parents get an Obopay Family Prepaid MasterCard issued by The Bancorp Bank for any child at least 13 years old, which can be used in-person, online or by phone with any merchant that accepts MasterCard debit cards." READ MORE

New research by Gartner finds that while social banking won't change the consumer banking model immediately, retail banks that understand social media, financial social networks and microfinance have a better chance of adapting their services. Those banks that don't "face the prospect of being sidelined in the emergence of the social-banking services model." READ MORE

• CreditCards.com: Feds: Close rate-hike loopholes in credit card rules
• The PayPal Blog: New PayPal Application for Android
• Digital River Wins New Global Software Clients
• BusinessWeek: Virtual Currencies Gain in Popularity
• Depositors Increasingly Seek to Open Accounts Online, Yet 4 in 10 Applicants Are Driven to Other Channels According to Javelin
• 2Checkout.com Adds PaySecure to Its Online Payment Options
• Marketplace: Fighting the credit card stranglehold
• Finextra: MasterCard Europe reports Q1 growth
• FSV Payment Systems, Inc. Announces PaychekPLUS!® Payroll Card Reloading Capability at Western Union® Agent Locations
• New Aite Group Report: Private Label Prepaid Card Vendors: An Evaluation
• CNN.com: Walking away from credit cards