In an article titled "Congress Seeks Faster Implementation of New Credit-Card Rules", Mary Pilon and Jane Kim write for the Wall St. Journal about pressures building in Congress to accelerate the implementation of the rest of the Credit Card Act's changes from February to December.
In this evening's program, the NewsHour with Jim Lehrer featured a segment titled "Banks, Customers Face Changes to Debit Card Overdraft Fees". The NewsHour's Jeffrey Brown interviewed Ron Lieber from the New York Times - here's the transcript.
Wells Fargo this afternoon announced changes to its overdraft practices for Wells Fargo and Wachovia customers. In a press release, Wells Fargo said it will "eliminate overdraft fees for customers when they overdraw their accounts by $5 or less and will charge no more than four overdraft fees per day. In addition, Wells Fargo and Wachovia customers will be able to opt out of overdraft coverage, meaning customers can specify that they don’t want their transactions authorized into overdraft if funds aren’t available to cover the transaction."
Writing on his Payments Industry Regulation blog, Broox Peterson takes a look at the proposed revisions to H.R. 3126 suggested by Barney Frank (according to a Reuters report) to address concerns about that legislation and the creation of the proposed Consumer Financial Protection Agency.
Peterson writes: "In an important respect the proposed revisions seem quite inadequate, and that is in clarifying the scope of jurisdiction of the CFPA - in other words, who is subject to CFPA jurisdiction (and why)?"
Voltage Security, has announced it has extended Voltage SecureData™ by adding tokenization and data masking capabilities to the existing encryption functionality - enabling the end-to-end protection of data, such as credit card numbers, in applications and databases. Voltage SecureData says these additions provide "the most comprehensive end-to-end data protection solution available, giving customers the widest choice of protection options to simplify implementation, reduce PCI audit scope and lower costs."
Chase Card Services has announced Ink℠ from Chase, a suite of business cards developed specifically for small businesses. The new business card portfolio includes four distinct cards "to deliver on the unique needs of small business owners and marks Chase’s introduction of a pay-in-full charge card – a first from issuers of Visa or MasterCard."
First Data has announced the appointments of Kevin J. Schultz, 51, as president of its Financial Services business segment and John Elkins, 57, as chief marketing officer, effective immediately. In addition, Henry R. Kravis and Joe W. Forehand were appointed as new members to First Data’s board of directors.
NetSpend has announced the availability of the first “virtual” card to be tied to an existing prepaid debit card account and a suite of online financial management and budgeting tools including a visual spending history report, online budgeting application and budgeting “report card.” NetSpend says these new products and applications "provide a level of convenience and security currently not provided to the estimated 50-100 million underbanked consumers in the United States."
First Data and RSA have announced they are teaming up to provide a new service called First Data Secure Transaction Management - "engineered to enable merchants to secure payment card data and remove it from their environment while allowing access when needed." The new service "is designed to dramatically reduce the cost and complexity of complying with the Payment Card Industry Data Security Standard (PCI DSS)."
In an article titled "Chase and Bank of America Revise Fee Policies", Ron Lieber writes for the New York Times about announcements from Bank of America and Chase regarding changes both banks are planning to their overdraft fee policies.
In a press release, Bank of America announced changes to be implemented October 19 including not charging overdraft fees when a customer's account is overdrawn by a total amount less than $10 for one day, not charging overdraft fees on more than four items per day and making it easier to opt out of overdrafts altogether. Next June, the bank plans additional changes including providing customers a choice with respect to opting in or out of overdraft capability.
According to Lieber's reporting, Chase is planning changes in the first quarter including not charging a fee when the overdraft is for less than $5 and not sorting items in descending amounts prior to posting - a technique that maximizes the overdraft fees charged and has drawn criticism from consumer groups. Chase also plans to allow its customers to opt out of overdraft coverage.