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FEATURED ARTICLES
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ACH Payments Top $18 billion in 07 |
U.S. financial institutions and the federal government made more than 18 billion ACH payments combined in 2007, a 12.5% increase from 16 billion in 2006, according to NACHA, the ACH trade group.
ACH payments include direct deposit of payroll, Social Security benefits, tax refunds, direct payment of consumer bills, bill payments by Internet and telephone, check conversion, business-to-business payments, and federal tax withholdings.
NACHA said direct deposit, up 6.4%, to 5 billion payments from 4.7 billion, remains the most widely used type of ACH payment. |
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Court Drops Heartland from FACTA Lawsuit |
A federal judge has granted a motion that removes Heartland Payment Systems from a lawsuit brought by a customer against a merchant for printing a credit card expiration date on a receipt in violation of the Fair and Accurate Credit Transaction Act (FACTA).
The merchant and defendant in the case, Louise's Trattoria, brought Heartland into the suit as co-defendant, charging the payment company had failed to make sure her business was in compliance with federal law. In excusing Heartland as a defendant in the case, Judge S. James Otero of the U.S. District Court for the Central District of California ruled that the merchant failed to show that Heartland had violated its card processing contract or any other agreement between Heartland and the merchant. |
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Appeals Court Denies AdvanceMe Patent Appeal |
In a lightning fast ruling, the DC-based Court of Appeals for the Federal Circuit rejected an appeal by AdvanceMe Inc. of the ruling by a lower court that invalidated the company's patent on merchant cash advance business methods.
In a brief order that came only nine days after a three-judge panel heard the appeal, the appeals court simply affirmed the lower court ruling, from the Eastern District Court in Texas.
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House Subcommittee Launches Interchange Hearings |
A House Judiciary Commitee task force today heard from witnesses on both sides of the contentious interchange issue as it began public work on legislation that could put federal regulators in chanrge of monitoring and perhaps controlling interchange fees.
Witnesses at the hearing included Thomas L. Robinson, Vice President of Regulations, National Association of Convenience Stores; Joshua R. Floum, General Counsel and Corporate Secretary, Visa Inc.; Steve Cannon, Chairman, Constantine Cannon, LLP; Joshua Peirez, Chief Payment System Integrity Officer, MasterCard Worldwide; John Blum, Vice President of Operations, Chartway FCU, Edward Mierzwinski, Consumer Program Director U.S. PIRG.
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ETA-Supported Card Receipt Bill clears U.S. House |
Yesterday, the House, by a vote of 407-0, passed H.R. 4008, the Credit and Debit Card Receipt Clarification Act of 2007, which would bar plaintiffs from filing claims against merchants who properly truncate card numbers on receipts but fail to eliminate the printing of card expiration dates.
The bill, which was introduced Oct. 30 by Rep. Mahoney (D-Fla.), would eliminate hundreds of class actions filed by consumers against merchants over their failure to comply with the 2003 Fair and Accurate Credit Transactions Act, 15 U.S.C. 1681c(g).
ETA supports the bill, which would not remove the ability of consumers who allege actual harm, such as identity theft or credit card fraud, from filing individual claims under the FACT Act negligence provision.
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