Here's a review of this week's top stories on Payments News. If you missed it, last week's Weekly Wrap is here. Back to the future!: for fun, click for this week's activity here on Payments News last year!

• ACH News
  • NACHA's Secure Vault Payments went live with its first merchant. (See more ACH, eCommerce Payments, NACHA and Secure Vault Payments news.)
• Chase News
  • Chase announced it was investing in Rearden Commerce and entering into a strategic relationship to use Rearden's services. (See more Chase Card Services news.)
  • Chase announced it was purchasing 47 percent of Target's credit card receivables. (See more Chase Card Services news.)
• Contactless Payments News
  • The upcoming CTST 2008 conference being held in Orlando May 12-15 will focus on NFC contactless payments. (See more contactless, NFC and mobile payments news.)
• Credit Card News
  • US credit card issuers have begun closing more inactive accounts. (See more Credit Card news.)
• Debit Card News
  • APACS reported that debit card usage growth in the UK continued with spending increasing 11% in 2007. (See more APACS, Debit Card and UK-related news.)
  • Capital One has shut down the two merchant pilots of its decoupled debit card product announced a year ago. (See more Debit Card and Decoupled Debit Card news.)
  • Celent has published a new report titled Disruption in the Payments World that forecasts more credit card issuers diversifying into decoupled debit card products. (See more Debit Card and Decoupled Debit Card news.)
• MasterCard News
  • MasterCard enhanced its business card Easy Savings Program with fuel and maintenance discounts. (See more MasterCard news.)
  • MasterCard launched a new online domestic-focused travel platform where cardholders planning their next vacation getaway can find travel offers. (See more MasterCard news.)
• Mobile Payments News
  
  • NFC adoption in mobile phones is forecast to be mainstream by 2010. (See more Mobile Payments and NFC news.)
  • Monitise and Metavante partner for mobile money in the UK. (See more Monitise, Metavante, and Mobile Payments news.)
  • Orange Money is being tested in the Ivory Coast. (See more Mobile Payments and Africa news).
• PayPal News
  • The controversy over eBay's mandate that sellers use PayPal payment acceptance in Australia continued. (See more PayPal news.)
• PCI Compliance News
  • The PCI Security Standards Council announced an upcoming webinar on Understanding the Payment Application Data Security Standard. (See more PCI Compliance and PCI Security Standards Council news.)
• Regulatory News
  
  • Reaction to the Federal Reserve Board, the Office of Thrift Supervision and the National Credit Union Administration proposed rules changes to protect consumers from various credit card issuer practices continued in the Washington Post and the New York Times. (See our guide on how to comment on the proposed rule changes.)
• Visa News
  • Visa announced that it will be making its Operating Regulations public this coming week. (See more Visa news.)
• Open Job Listings on PaymentsJobs.com
  
  • Payments Attorney at a stealth start up (San Francisco/Bay Area)
  • Director - Chargebacks & Disputes Policy at American Express (Phoenix, Arizona)
  • Sales Executive at Online Resources (Atlanta, GA)
  • Account Relationship Manager at Skylight Financial (Atlanta, GA)
  • Product Manager at Skylight Financial (Atlanta, GA)
  • Director, Public Relations at Chase Paymentech (Dallas, TX)
  • Retail Product Manager at PreCash, Inc. (Portland, OR)
  • Post your current job openings on PaymentsJobs.com!
• Upcoming Glenbrook Payments Education Offerings
  
  • Workshop on The Structure of the Merchant Payments Marketplace - San Francisco Bay Area - June 10
  • Glenbrook Payments Boot Camp - San Francisco Bay Area - June 11-12

You can find all of our Weekly Wrap summaries in the Payments News Weekly Wrap Archive. They're published every Saturday and look back at the highlights of the week's news. Please send us on how we can improve the Weekly Wrap!

Ina Steiner writes for AuctionBytes.com about new developments as eBay moves forward with plans to mandate PayPal on sellers in Australia. She cites several submissions to the inquiry into the practice being conducted by the Australian Competition and Consumer Commission.

Lisa Scherzer writes for the Wall St. Journal that more credit card issuers are closing inactive accounts. She writes: 'As credit-card delinquencies rise, closing inactive accounts helps companies reduce their exposure to risky credit holders.'

Jupiter's Ed Kountz blogs about alternative online payments ((PayPal, BillMeLater, Google Checkout and eBillMe).

He writes: "A new JupiterResearch report indicates that consumers who are turning to alternative online payments are doing so for two primary reasons. The first is security -- in the form of not having to enter card information online. The second, convenience, is related—as anyone who has ever wanted to make a purchase on a PC upstairs, using a credit card located in a wallet or purse a floor or two away has found." Which do you think is most important for consumer adoption: convenience or security?

Ed's new blog is one of many payments and banking blogs that we've recently collected onto our "Other Blogs" page. On one page there you can see the titles of the latest posts on over 30 blogs.

Celent has published a new report titled 'Disruption in the Payments World' saying that 'the current euphoric era for many issuers will be disrupted and quite possibly eliminated over the next three years.' Why? Celent's reasons include a forecast that interchange rates will begin to decline, that a large payments company will launch an alternative network to MasterCard and Visa, and that credit card issuers will need to diversify their payments mix by adding decoupled debit payment options.   » Continue Reading

APACS, the UK payments association, has released figures showing that the debit card retains its popularity at retailers, with spending on debit cards increasing by 11% last year. According to APACS, this increase stands in stark contrast to paper cheque spending which declined by 7.5% in terms of value and 13% by volume over the same period. Credit card spending at retailers in the UK has not grown over the last three years.   » Continue Reading

Visa Inc. has announced that it will for the first time make its Visa International and Regional Operating Regulations available publicly, effective May 15, 2008. According to Visa, the Operating Regulations, which will be available on Visa's corporate website at http://www.corporate.visa.com, are 'the set of rules which govern the participation of issuing and acquiring financial institutions in the Visa system.' Visa also said that 'to protect cardholder and merchant safety and the Visa system, Visa has omitted proprietary and competitive information, as well as certain details from the rules relating to the security of the network. For example, in the merchant rules, Visa has omitted authorization limits by country and processing codes which could aid fraudsters.'   » Continue Reading

For the last two days, the Federal Trade Commission held a Town Hall meeting in Washington to explore the evolving mobile commerce (M-commerce) marketplace and its implications for consumer protection policy. The FTC has posted the agenda for the meeting along with webcasts of the sessions along with transcripts (to be available soon).

In the UK, Monitise and Metavante have announced that they are working with Carphone Warehouse to launch a “mobile money” scheme that includes the introduction of a Carphone Warehouse prepay card managed directly from the mobile phone that can be used to shop in millions of outlets worldwide.   » Continue Reading

The Reserve Bank of Australia has made comments to the Australian Competition and Consumer Commission's inquiry into eBay's recent announcement that it would mandate the use of PayPal for payments on eBay's Australian site. The RBA comments: 'The proposed conduct by eBay is to mandate the use of PayPal for almost all transactions on the eBay site. This raises three potential issues in relation to the payments system. The first is that it could limit the ability of new on-line payment systems to become established and for alternative systems to compete in the on-line payments space. The second is that it could restrict merchants' ability to negotiate lower fees. And the third is that it restricts choice for consumers.' More in the RBA's full submission. Also, CNN reports on eBay's move.

Citigroup is holding an investor and analyst day today in New York. A presentation is available online along with a webcast. Included in the presentation discussing Citi's innovation efforts are mentions of its mobile banking and mobile payments efforts with Obopay, SK Telecom, AT&T and Firethorn (slide 17). In an article titled "Blue-Light Specials at Citigroup as Its New Chief Plans a Revival", Eric Dash reports for the New York Times on efforts by Citi over the last several months to dispose of some of its weaker business assets.

• RioFlexPay - Easy front-end interface for Amazon FPS - Coming Soon!
• McAfee Uncovers Web Site For Stolen Bank Accounts
• Rocky Mountain News: Frontier filing surprised First Data CEO
• AP: EBay's PayPal rule in Australia draws fire
• New Celent Report: Mobile Banking Services in Western Europe
• Dallas Morning News: Amazon shoppers may have to pay sales tax soon [in Texas]
• AntiPhishing Working Group Calls for Papers for eCrime 2008 Internet Security Research Conference
• CNNMoney: Barely surviving on credit cards
• Online Resources Announces Two Key Internet Banking Wins
• New IdTechEx Report: NFC-Enabled Phones and Contactless Smart Cards 2008-2018
• Sydney Morning Herald: RBA raises concerns over eBay [PayPal] move
• Wachovia Corporation Separates Chairman and CEO Roles

New jobs have recently been listed on PaymentsJobs.com:

• Director, Chargebacks & Dispute Policy at American Express in Phoenix
• Payments Attorney at a Stealth Mobile Startup on the mid-Peninsula in the San Francisco Bay Area.

Are you actively recruiting payments professionals? Post your job openings on PaymentsJobs.com!

The April 2008 edition of the First Annapolis Navigator is now available. This month's feature article is "Cross-Selling Commercial Cards." Other articles include: "Soft Economy Delivers Hard Hit to Retail Sector", "Mid-Size Internet Retailers Payment Acceptance Methods", "Marketplace Feature: Stock Market Performance", "Q1 2008 Credit Card Issuer Scorecard", and "Market Scan of European Bank - Issued Prepaid Cards."

The U.S. Department of the Commerce (DOC) has selected JPMorgan as its provider for charge card services. The order is part of the U.S. General Services Administration’s (GSA) SmartPay 2 program, the largest government charge card program in the world.   » Continue Reading

Discover Financial Services has announced that its Discover Card was ranked No. 1 in customer loyalty among leading credit card brands, according to the 2008 Brand Keys Customer Loyalty Engagement Index report. Brand Keys identifies the four most important drivers of brand loyalty in the credit card category as Rewards and Services; Fees and Flexibility; Ease and Speed of Interactions; and Protection and Precision. Discover Card has won the credit card category in the index 11 years in a row.   » Continue Reading

Ina Steiner of AuctionBytes.com writes about her interview with Scott Thompson, PayPal CEO. A podcast of the interview is available. She writes: 'Thompson talked about the competitive landscape in online payments and PayPal's focus in the next 12 - 24 months. He also shares his thoughts on eBay's Safe Payments policy, including what the PayPal-only policy on eBay Australia means for the rest of the world.'

James Charles reports for Times Online (UK) that several of the largest UK banks are increasing monthly fees on current accounts by up to 20 percent in advance of a ruling by the Office of Fair Trading (OFT) capping overdraft fees.

• Times of India: Now, it's time for mobile banking
• Washington Post: Mobile Ads: Useful or Annoying?
• SVPCO: Check Image Volume Grew Strongly In April
• Seeking Alpha: CompuCredit Q1 2008 Earnings Call Transcript
• GE To Stop Providing Consumer Loans For RVs, Most Boats
• Boston Globe: Feedback, even if it hurts (Bank of America's online community)
• Hypercom officials blame first-quarter loss on business model transition
• Capital One Named One of the Best Adoption-Friendly Workplaces in America

In her Thursday column titled 'Your Losing Hand', Michele Singletary reports for the Washington Post on last week's proposed rule changes by the US financial regulators re: credit cards. She writes: 'Although regulators are proposing to eliminate some of the more unsavory practices of the industry, many cardholders -- regardless of class, education or income -- can only win by not playing the credit card game.'

The PCI Security Standards Council has announced a complimentary educational webinar, “Understanding the Payment Application Data Security Standard” on Thursday May 22, 2008 at 11:30 a.m. EDT with a second session scheduled the same day at 7:30 p.m. EDT.   » Continue Reading

Jim Bruene's Netbanker reports on person-to-person lender Prosper.com's new marketing initiatives including its new slogan: "Let's bank on each other." More on the Prosper Blog.

Wireless operator Orange is testing in the Ivory Coast a new money transfer system: Orange Money. Strategies Telecom & Media interviews Marc Rennard, executive director in charge of Orange’s operations in Africa, Middle-East and Asia. about Orange Money. As we've seen previously with M-PESA in Kenya, the mobile operators are focusing much of their mobile payments initiatives on markets where a large majority of the population is unbanked.

That's the title of a Dallas Morning News editorial this morning commenting on last week's proposed rules changes that says 'enough is enough.' The editorial continues: 'New regulation is overdue. Creditors have been free to hike interest rates at any time and for any reason – and then apply the new rate to purchases the consumer has already made.'

The Federal Reserve reported today that consumer credit increased at a 7.2 percent overall rate in March 2008 - with revolving credit increasing at 7.9 percent for the month.

Sony Electronics has announced the establishment of an integrator and developer channel program for its FeliCa contactless integrated circuit (IC) chip technology. The FeliCa microchip provides a fast, convenient and secure all-in-one solution platform for multiple applications, including electronic pre-paid transactions, access, interactive signage and membership or loyalty rewards systems. The chip combines processing, storage and communication functions, and can be implemented in a variety of form factors including cards, key chains and mobile phones.   » Continue Reading

Clearwire and Sprint Nextel have announced that they have entered into a definitive agreement to combine their next-generation wireless broadband businesses to form a new wireless communications company. In addition, Intel Capital, Google, Comcast, Time Warner Cable, and Bright House Networks – have collectively agreed to invest $3.2 billion into the new company to be named Clearwire.

Google's Larry Adler comments on the Official Google Blog about Google's participation in the new company. It will be fascinating to watch how this affects mobile Internet usage for financial services applications. Wikipedia has a comprehensive article about the WiMax technology that is the basis for this new network.   » Continue Reading

The Pew Charitable Trusts have announced a new project aimed at 'helping America's workers underserved by mainstream financial institutions secure access to safe, affordable, fair, and empowering bank accounts. The Pew Safe Banking Opportunities Project, a two-year $2.1 million initiative, will develop and promote standards for bank accounts so that moderate- and low-income households that are new to or have been left out of the mainstream banking system are less likely to have to rely on overly expensive, income-stripping financial products.'   » Continue Reading

MasterCard Worldwide says it is 'the first payments company to offer small businesses automatic savings on fuel and maintenance through the addition of the Fuelman Network to the MasterCard Easy Savings program.' MasterCard says its BusinessCard credit and signature debit cardholders enrolled in the program will now receive a 1% automatic rebate on fuel and a 5% automatic rebate on maintenance purchases at more than 16,800 participating locations in the Fuelman Network nationwide.   » Continue Reading

ACI Worldwide has announced that MasterCard Worldwide has selected ACI's electronic payment solutions as key elements of the new MasterCard Integrated Processing Solutions (IPS) announced in early April. MasterCard IPS provides banks a suite of branded debit network and card issuer processing services including PIN and signature debit and prepaid processing, and ATM driving.   » Continue Reading

The MasterCard Foundation has announced it has awarded a 'two-year, $740,000 grant today to Microfinance Information eXchange (MIX) to launch MIX Market 2.0, a next-generation Web platform for sharing reliable, comparable and publicly available information on the financial strength and performance of microfinance institutions.' According to the foundation, 'MIX, a not-for-profit private company, has received industry-wide recognition for its efforts to increase the transparency of the microfinance sector.'   » Continue Reading

The April Discover U.S. Spending Monitor reflects a 'continuing pattern of economic concern from consumers in the face of rising expenses. For the last four months including April, the Monitor has remained in the 85-86 range. The April index rose a scant .3 from March when the index hit its lowest point ever. The up-tick to 85.4 was primarily the result of higher spending expectations.'   » Continue Reading

In a column titled 'Banks' credit card bluster rings hollow', Los Angeles Times consumer reporter David Lazarus writes: 'I just love it when the credit card industry threatens to take its toys and go home.'

• AT&T and Pyxis Mobile Announce Exclusive Alliance to Deliver Mobile Applications to Financial Services Industry
• ID Analytics for Compliance(TM) Enables Creditors to Satisfy Red Flag and Address Discrepancy Compliance Without Impacting the Consumer Experience
• Google Mobile Blog: Fast and easy access to Google on Sprint phones
• Total Telecom: Paying for your shopping by mobile phone: A reality in 2008?
• Dave Birch: I don't use debit, but...[Decoupled Debit, Identity]
• NFC Forum Announces Winners of Touching the Future Global Competition
• New Forrester Report: Disruption Looms For Financial Services - Social Media Entrants Show Marketers A New Way For Brand Differentiation
• Reuters: April apparel sales gains deceptive: SpendingPulse
• Randolph-Brooks Federal Credit Union Renews PULSE Participation with Exclusive Agreement
• Visa Inc. Announces Participation in Upcoming Investment Conferences
• CyberSource to Open Development Center in Northern Ireland
• Entrepreneur Magazine Ranks Litle & Co. 8th Among 100 Fast-Growth American Companies
• MoneyBoxAfrica Partners with Paybox for Largest Mobile Financial Ecosystem Across Africa
• Focus Financial Partners Names Financial Services Leaders Deborah Doyle McWhinney and William I. Campbell to Its Board of Directors
• UINT: Solicore Powers Next Generation Card Technologies

Yodlee and Postilion have announced a 'partnership to integrate Yodlee PersonalFinance and Yodlee DirectPay into Postilion's Retail and Business Internet Banking solutions to enable Postilion's' financial institution customers to deliver stronger online banking solutions and develop new revenue-generating opportunities via card-based online bill payment.'   » Continue Reading

On The FinanSer, Chris Skinner blogs about today's world of what he calls 'disconnected banking' - noting that bankers have 'managed to get customers out of branches and transform them into data entry clerks, who serve themselves through ATMs and the Internet.' Who's he watching instead? The social finance sites like Zopa, Prosper and more - typically dismissed by bankers as 'folly, unpractical, unregulated and untenable.'

The New York Times Dealbook takes a look at yesterday's announcement that JP Morgan Chase is acquiring a 47 percent interest in Target's credit card portfolio.

John Walko writes for EE Times about the recent European NFC Developers Congress he attended where his sense was that 'the [NFC mobile payments] market could take off in 2009, while others have cautioned that 2010 is more realistic.' He notes that an upcoming report concludes that 'true mobile payments market likely will not emerge until 2010.'

Affinity Mobile has announced that adoption of the mobile wallet features enabled by its MADE platform is growing rapidly. According to Affinity, 'following the nationwide launch of Trumpet Mobile, Trumpet subscribers are quickly taking advantage of the mobile wallet capabilities with almost 50 percent of customers activating a mobile wallet at the point of sale.'   » Continue Reading

TechCrunch's Erick Schonfeld takes a look at Foster City, CA-based Rearden Commerce - a company that reportedly has just closed a $100 MM financing round from investors including American Express, JPMorgan Chase, Oak Investment Partners, and Foundation Capital. While Rearden's largest customer currently is American Express, Schonfeld notes that "in addition to being an investor, Chase has also signed on as Rearden’s second giant customer. It plans on offering Rearden’s personal Web concierge service to its 90 million bank card holders. Anyone with a Chase bank account, whether business or personal, will be able to use the service."

Vauhini Vara and Mylene Mangalindan also report on Rearden for the Wall St. Journal.

Update: Here's Rearden Commerce's funding announcement press release as well as its press release announcing Rearden's new strategic relationship with Chase Card Services.

Sybase 365 has announced results from a recent survey it commissioned asking bankers about their plans for mobile banking. According to the company, nearly a third of the world’s largest financial organizations are planning to launch mobile banking services in the next 12 to 24 months. The survey, which was conducted by independent research company Loudhouse, pooled the views of 92 of the world’s top financial institutions (32 European banks, 30 banks in the United States and 30 banks from the Asia-Pacific region). A copy of the survey is available online with registration.   » Continue Reading

• WaMu raises fees on foreign debit card purchases
• NACHA: Electronic Payments Make Sense as Postage and Fuel Costs Continue to Rise
• UK: New Miles & More American Express(R) Credit Card From MBNA
• IBM Raises the Self-Service Bar With New Kiosk-Like Self Checkout Retail System
• Givewell.com Launches Company Ordering Program - Program Allows Businesses to Give the Gift of Health and Wellness for a Variety of Personal Care Expenses
• Online Shoppers Trust in the Internet for Home Furniture and Appliance Purchases
• paybox scales mobile Payment business with service oriented architecture and development platform for partners

MasterCard Worldwide has announced the launch of a new online domestic-focused travel platform where cardholders planning their next vacation getaway can find travel offers -- all in one place -- at http://www.priceless.com/travel. According to MasterCard, the exclusive offers for MasterCard cardholders focus on five of the most popular travel destinations in the United States: California, Hawaii, Florida, Nevada and New York.   » Continue Reading

JPMorgan Chase has announced that it will purchase an undivided interest in Target’s credit card receivables for approximately $3.6 billion in cash representing approximately 47 percent of the principal amount of Target’s outstanding receivables.   » Continue Reading

We mentioned the Pen or PIN program in Australia earlier today. The Pen or PIN website includes several resources explaining what's happening including a general backgrounder, one for retailers, another for cardholders, and an FAQ for media. "From 4 June 2008, most American Express, Diners Club, MasterCard and Visa cardholders will have the choice to use a Personal Identification Number (PIN) to authorise transactions when using these cards in person. The introduction of PIN on these cards follows an industry-wide collaboration involving all major banks, financial institutions and card schemes operating in Australia."

NACHA has announced that Secure Vault Payments is now a live alternative payment option. The ACH-based Internet payments network allows consumers to conduct e-commerce and bill payment transactions without sharing personal account information.   » Continue Reading

PaySimple has announced the availability of PaySimple 2.0 that the company says 'helps small businesses bridge the technology gap, and to grow with the efficiency and cost-savings that large companies have, but with the customization and personal touch that small companies need.' With PaySimple Solution 2.0's Payment Processing Center, users have the ability to electronically collect payments via eCheck/ACH or credit card as well as pay their vendors via those channels from one system.   » Continue Reading

Will Wade reports for the American Banker (subscription required) that Capital One is shutting down two merchant pilots of its decoupled debit card product that was announced last May.

Heartland Payment Systems has announced it has signed a definitive agreement to acquire the Network Services business of Alliance Data Systems Corporation. 'According to the most recent Nilson report, Alliance Data’s Network Services is one of the industry’s 20 largest payment processors, handling over $17 billion of total annual bank card volume and 604 million transactions in 2007.'   » Continue Reading

The Sydney Morning Herald reports on the "Pen or PIN" project underway in Australia that will allow shoppers using credit cards to either sign their receipts as they've always done or choose to use a PIN instead beginning June 4. A spokesman said: 'The introduction of PIN on credit and debit cards will give cardholders a quick and easy alternative to signature authorisation when making purchases in person.' Meanwhile, the Herald Sun reports that a consumer group is concerned that a move to PINs 'could result in consumers being unable to dispute credit charges.' More details here.

paybox and Globe Telecom have announced they are teaming up to extend the reach of their remittance network solutions and offering overseas Filipinos worldwide a cheaper and more convenient way to send money home.   » Continue Reading

• Tennessee Driver License Centers Now Accepting Credit Cards
• NCR Introduces Next-Generation Self-Checkout Solution
• Reuters: Capital One sues to stop Calif. credit card probe
• Ingenico announces the shipment of its one millionth signature capture terminal
• University Of Delaware And The UCF Announce First PCI Compliance Conference Designed Exclusively For Hospitality Compliance Managers
• Coremetrics Joins Bazaarvoice Radius to Help Marketers Execute Integrated Social Commerce Strategies
• Family First Federal Credit Union to Help Members Avoid Payday Loan Pitfalls with the Launch of Instacash
• MagTek and IMM Deliver Check 21 Teller Item Capture Solution To Affinity Federal Credit Union
• Washington Post: Retailers Want Your Rebate!
• Postilion Solutions Selected by Loves Travel Stops & Country Stores to Centralize Fleet Card Authorization and Store Transaction Capture
• VeriFone Brings Breach Protection to Petroleum Retailers
• PC World: Shop with Your Cell Phone, Gartner Advises
• Business Week: Can Fair Isaac Score Again?
• Advertising Age: Marketers Chase Rebate Checks
• Peer-to-Peer Financing Emerging as an Alternative for Student Loans
• NXP mulls IP licensing for its Mifare platform
• ABC News: Using New Tools to Combat Identity Theft
• Cloudmark Launches Cloudmark Authority for Social Networking Providers, Stopping Web 2.0 Messaging Abuse

A new report from the global microfinance body CGAP predicts that, with the right market conditions, mobile banking could reach large numbers of poor people who are outside the formal financial system.   » Continue Reading

In an article titled 'Innovation: The Growth Accelerator' in the latest issue of BAI Banking Strategies, McKinsey's Zubin Taraporevala and Marla M. Capozzi explore innovation in retail banking - saying that the banking industry is "ripe for innovation" and noting that "the vast majority of industry breakthroughs have come from attackers, not incumbents." They share results from a survey of 300 financial services executives that identified three major challenges inhibiting innovation - in particular, "limited use of customer insights and external idea networks" - along with six characteristics and capabilities of high-performing innovators.

In an editorial yesterday titled The Fed Aims at Credit Cards, the New York Times responded to the Fed's announcement on Friday about rule changes to address what it called "unfair practices" by credit card issuers and retail bank overdraft fees. The editorial called the proposed rules a "modest step forward" and quoted Rep. Carolyn Maloney of New York (author of her own "Credit Cardholder's Bill of Rights" legislation) saying "there are abusive, abusive, abusive practices going on now."

The US government's economic stimulus checks will start arriving shortly in 130 million US households (the only way to actually get one is to have filed a US federal tax return for 2007). See the Economic Stimulus Payments Information Center at the IRS web site for details on the program.   » Continue Reading

• BAI Banking Strategies: Turbocharging the Debit Card
• Business Line (India): Flourish your mobile, not card (NFC-based mobile payments trial in the Netherlands)