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Discover Spinoff Gets Go Ahead |
The Morgan Stanley board of directors has approved plans to spin off the Discover Credit Card brand into a separate publicly-traded company. The spinoff will be effective June 30.
Morgan Stanley will distribute one share of Discover common stock for
every two shares of Morgan Stanley common stock outstanding on the
record date. Stockholders will receive cash in lieu of fractional
shares for amounts less than one full Discover share. The transaction will be a tax-free exchange.
Discover shares will trade on the New York Stock Exchange, beginning July 1.
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Court Upholds Preemption of State Gift Card Laws |
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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FED Unveils Card Disclosure Changes |
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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PCI Council Elects 14 Board Members |
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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