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Industry News
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Court Upholds Preemption of State Gift Card Laws |
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The U.S.Court of Appeals for the First Circuit has upheld the
authority of national banks and federal savings associations to use non-bank
third parties to market stored value gift cards issued by the institutions
without regard to state laws. According to court documents, federal banking
regulators “are entitled to regulate the terms and conditions of gift cards sold
by national banks and national thrifts” and that such regulations preempt New
Hampshire laws relating to expiration dates and administration fees. The case is
a clear victory for those who support pre-emption of state laws governing gift
cards and the payments industry broadly. Click Here to view
the entire text of the court’s decision. |
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PCI Council Elects 14 Board Members |
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WAKEFIELD, Mass., May 24, 2007 -- The PCI Security Standards Council (PCI SSC), an independent industry standards body providing management of the Payment Card Industry Data Security Standard (DSS) on a global basis, today announced the results of elections for the PCI SSC Board of Advisors.
The Board of Advisors will represent the current roster of nearly 200 PCI SSC Participating Organizations and provide critical feedback to the ongoing enhancement of security standards managed by the Council. More than 100 organizations from across the payment industry were nominated for their direct experience and leadership in the field, reflecting the varied perspectives of different global stakeholders. To ensure the desired breadth of industry focus, the elected seats were distributed within the categories of: Financial Institutions; Merchants; Processors; and Others (Point of Sale (POS) Vendors, Industry Associations, etc).
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Read more...
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FED Unveils Card Disclosure Changes |
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Credit card issuers may have to disclose interest rates and fees in clearer, easier-to-understand language if the Federal Reserve adopts new consumer-protection rules unveiled May 23.
The proposed rules, which could be in effect by the end of the year, followed a 2 1/2 -year study. The changes would be most significant in 26 years. They come at a time when Congress is considering efforts to curb
aggressive marketing and pricing practices by retail lenders.
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Read more...
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House Passes ILC Restrictions |
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The U.S. House of Representatives overwhelmingly passed a bill this week that would prevent commecial companies like Wal-Mart from owning or operating industrial loan corporations (ILCs), non-commercial banks which nonetheless could issue credit cards, accept deposits and make consumer loans.
The measure would allow formation of ILCs only by companies which conduct 85% of their business activities in the financial services sector. It passed the House by a 371-16 margin.
A companion measure sponsored by Sen. Sherrod Brown (D-OH) is before the Senate Banking Committee, where its prospects are uncertain. In the past, similar measures have been opposed by banking committee member Sen. Robert Bennett (R-UT). Utah is one of seven states that charter ILCs and is home to the majority of those now operating.
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First Data - KKR Deal Moves Forward |
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First Data appears to be moving toward accepting the $29 billion buyout proposal from Kohlberg Kravis Roberts (KKR) announced in April. Under the tedrms of the agreement, First Data had 50 days to seek additional bidders for its business, but according to Cardline, the company is reporting that the search for another suitor came up empty when the 50-day period expired this week.
First Data is expected to file a preliminary proxy statement with the Securities and Exchange Commission shortly, which will be followed by a final proxy statement seeking shareholder approval for the deal. KKR is offering a cash payment of $34 per share for First Data 's publicly traded stock.
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