In a letter today to Fed Chairman Ben Bernanke, Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, urged the Federal Reserve to act as soon as possible to protect consumers from abusive overdraft fees. Dodd called on the Fed "to finalize a proposed rule that would curb the use of excessive and unfair fees when consumers overdraw their bank accounts. Dodd further pressed the Fed to implement an “opt-in” approach to overdraft fees, which would ensure that banks would be prohibited from charging consumers an overdraft fee without their consent."

Javelin Strategy & Research has released a new report that shows how it believes that financial institutions must create a Customer-Driven Architecture (CDA) that gives customers what research shows they want most: financial control. According to Javelin, "with many consumers’ finances in shambles, today’s economy is the perfect time to finally put customers in charge. The seven attributes of CDA outlined in the report shows bankers how to prioritize technology investments in order to achieve iPhone-like monetary control." READ MORE

SK&A Information Services has released findings from its Physician Office Credit-Card Acceptance Survey - concluding that "33% of U.S. physician offices do not accept credit cards as a form of payment. This represents a 5% increase since last year's survey, and the research suggests doctor offices are limiting this form of payment as a result of their patients being affected by high interest rates, maxed out credit limits and a more challenging ability to qualify for credit." READ MORE

The Payment Card Industry (PCI) Security Standards Council must take the lead in developing a collaborative approach with merchants in defining more open standards for future PCI Data Security Standard (DSS) requirements, stressed NACS (the National Association of Convenience Stores) and several other trade associations in a June 8 letter to the Council. READ MORE

One of the new TV ads for Apple's iPhone 3GS features the Credit Card Terminal application - available in the iTunes App Store - showing how a card accepting merchant can use the application to process credit card transactions right from her iPhone.

Yesterday, Apple unveiled the new iPhone 3GS and also reduced the price of the current model iPhone 3G to $99.

First Data has announced that Wells Fargo has expanded its agreement for card processing services and will move its newly-acquired Wachovia credit card portfolios to First Data for card processing services. READ MORE

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