Federal Reserve Raises Cap on Debit Card Swipe Fees, Provides Banks with More Time to Comply

A divided Federal Reserve Board June 29 cleared a final rule that caps so-called swipe fees on debit card transactions much higher than the 12-cent limit that the Fed proposed in December…

Commercial Banks, Thrifts Report Best Quarterly Profits Since Crisis

Commercial banks and thrifts reported an aggregate profit of $29 billion in the first quarter of 2011, the highest quarterly net income since the 2007 onset of the financial crisis, according to the latest Federal Deposit Insurance Corporation Quarterly Banking Profile, released May 24…

BNA INSIGHTS: Review of 2010 Bank Enforcement Actions: A Hardened Government Attitude

The number of formal enforcement actions issued by the federal banking agencies exploded again in 2010, following a record setting year in 2009 in which the federal banking agencies issued more than 1000 formal enforcement actions for the first time…

Supreme Court Defers to Fed Brief in Credit Card Case; Ruling May Ease Litigation Threat for Banks

A Jan. 24 ruling by the U.S. Supreme Court may be good news for bankers who worried that an older credit card regulation could come back to haunt them (Chase Bank USA N.A. v. McCoy, U.S., No. 09-329, 1/24/11).
In a unanimous decision, the court ruled for Chase Bank USA N.A., rejecting class claims that the bank should have alerted James A. McCoy and other…

Bankers Blast Fed’s Debit Card Proposal, Say New Rate Structure Would Ignore True Costs

The Federal Reserve Board Dec. 16 asked for comments by Feb. 22 on proposed rules to govern network routing and interchange fees on debit cards, but said provisions on a so-called fraud adjustment charge will take…

Retailers, Card Issuers, Bankers Move Fast to Shape Interchange Rules

Retailers, card issuers, bankers, and others are moving early and fast to shape critical regulations that will govern interchange fees in the fast-growing market for debit cards, even while the rules are still on the…

MasterCard, Visa Resolve Antitrust Charges with Department of Justice; American Express Will Contest Attack on Merchant Rules

MasterCard and Visa will resolve antitrust charges in a Justice Department complaint filed in U.S. District Court for the…

SPECIAL REPORT: Retail Bank Firms, Fearing a Buzzsaw, Eye New Compliance Tests for Fairness

Retail financial services firms are facing hundreds of new regulations under a newly minted financial reform law, but the real compliance test for a specific product or service may boil down to just one question: Is it fair?

New Kind of Rulewriting Foreseen as Reform Focus Shifts to Implementation

A different kind of rulewriting process may be in store as federal regulators gear up to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act…

With Reg Reform Complete, Focus Turns To Establishing Consumer Protection Bureau

The Treasury Department will designate a date for transferring powers to the new Consumer Financial Protection Bureau by the end of the summer under…

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