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November 22, 2011

NRF and Other Groups File Lawsuit Against Fed Over Durbin Amendment

NRF logo 140 The National Retail Federation, the Food Marketing Institute, the National Association of Convenience Stores and two retailers announced they have filed a lawsuit in federal court saying the Federal Reserve failed to follow the Durbin Amendment to the Dodd-Frank Act of 2010.

“The Federal Reserve was required by law to come up with swipe fees that were ‘reasonable’ and ‘proportional’ but what we got were neither,” NRF Senior Vice President and CEO General Counsel Mallory Duncan said. “Instead, the Fed allowed themselves to be influenced by the very banks they are supposed to regulate and raised the originally proposed cap to include expenses the law said were not allowed. In doing so, they literally gave away half the savings that could have been seen by merchants and their customers. We want them to go back and follow the law this time.”

MasterCard and Telefónica Create Mobile Joint Venture in Brazil

MasterCard logo 140pxMasterCard and Telefónica have announced they are forming a joint venture to offer mobile financial solutions for 65 million Vivo consumers in Brazil. "The initiative will create a mobile wallet allowing consumers to make payments via their mobile phones as well as transfer funds, pay bills and make online purchases."

WorldPay and Diners Club Expand Acceptance Partnership in Europe

Diners club logo 140x60pxWorldPay and Diners Club International (DCI), a business unit of Discover Financial Services, have announced the signing of a merchant acquiring agreement that will increase the acceptance of Discover and Diners Club cards in the U.K. "WorldPay will build on its current relationship by adding Diners Club and Discover as standard options to its portfolio of payments processing services beginning in early 2012, in time for the summer Olympic Games in London."

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