Banner
  Site Search

Contact ETA | My ETA | About ETA
 
Home
About ETA
Join ETA
Events
News
Information Resources
Education
Advocacy
Media Relations
Contact Us
ETA Forums
My ETA
Advanced Search
Latest News
Transaction Trends Online
In the December 2009 Issue of Transaction Trends:

 

Dec09_Cover

  • Sales Incentives That Work
  • PCI’s Evolutionary Process
  • Brave New World for Payments
  • Special Series: Startup Stories, Part 2
  • And much more...

Visit the Transaction Trends Web Site

Advertise in Transaction Trends

 

Need to reach the most powerful audience in the acquiring industry? Download our media kit and get started right away!

 

 

ETA Glossary Online

wiki-logo

 

The ETA Encyclopedia of Terminology for the Acquiring Industry is now online!

 

Need a good definition for P2P? Need to know what a Merchant Descriptor is?  Our online glossary has the information and its been vetted by industry experts, so you can depend ion it.

 

Give it a try!

 

In The Spotlight
reg_open
ETAU09


Featured Articles

FDIC Rules Gift Card Balances May Be Insured

The Federal Deposit Insurance Corp. (FDIC) has ruled that many stored value cards, including cards issued by retailers, qualify as deposits when the funds that are represented on the cards are held by an insured financial institution.

 

The ruling by FDIC's general counsel, may protect holders of gift cards issued by retailers like Circuit City, which has filed for bankruptcy protection, but also extends to open loop cards that are issued by financial institutions themselves. The ruling said cards can be insured up to the full $250,000 FDIC limit and noted that in cases where cards are not registered to an owner, the bearer of the card will be considered to be the owner.


October Retail Sales Fall

The U.S. Census Bureau announced today (11/14/08) that advance estimates of U.S. retail and food services sales for October, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $363.7 billion, a decrease of 2.8 percent (±0.5%) from the previous month and 4.1 percent (±0.7%) below October 2007. Total sales for the August through October 2008 period were down 1.3 percent (±0.5%) from the same period a year ago. The August to September 2008 percent change was revised from –1.2 percent (±0.5%) to –1.3 percent (±0.3%).

 

Retail trade sales were down 3.1 percent (±0.5%) from September 2008 and were 5.0 percent (±0.7%) below last year. Motor vehicle and parts dealers sales were down 23.4 percent (±2.1%) from October 2007 and sales of furniture and home furnishings stores sales were down 13.5 percent (±3.3 %) from last year.

 

-- U.S. Census Bureau

 

Amex Granted Bank Holding Company Status

The Federal Reserve has approved a request by American Express to transform itself into a bank holding company, a move that makes the card company eligible to participate in current and future programs to provide help to ailing financial institutions.

 

Federal Reserve banking regulators said they approved its application because of the “unusual and exigent circumstances” affecting financial markets and the Amex's potential need to tap into the rescue funds available to shore up the economy. As a bank holding company, American Express would gain access to the Treasury Department’s bailout plan for banks, improving liquidity and possibly giving the company the opportunity to purchase a traditional banking operation.

 

Amex has owned a savings bank and a commercial bank for some time, but most of the card company's financinghas come from commercial paper markets, which lately have become a difficult and expensive place to borrow.

 

“Given the continued volatility in the financial markets, we want to be best positioned to take advantage of the various programs the federal government has introduced or may introduce,” said Amex CEO Kenneth I. Chenault. “We will continue to build a larger deposit base to broaden our funding sources.”

 

Treasury Urged to Delay Internet Gambling Rules

Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, has asked the Treasury Department to delay completing regulations to implement the Unlawful Internet Gambling Act until after the Obama administration takes office.

 

The request came in a letter from Rep. Frank to Treasury Secretary Henry Paulson and Federal Reserve Chaiman Ben Bernanke. The letter noted that the regulations are likely to create burdens for the financial services industry at a time when the banking and credit systems are under great stress and suggested the incoming administration should have an opportunity to review the rules before they take effect.

 

The Unlawful Internet Gambling Act was passed in 2006, but no rules have been issued to determine how the law will be enforced or even which transactions fall under the definition of "unlawful" gambling. The rules, however, like many others, are being expedited by the Bush administration, which is seeking to complete as much of its rulemaking backlog as possible before leaving office.

 

Amex Under Scrutiny
The Associated Press has reported that the U.S. Department of Justice is seeking information from American Express regarding the credit card company's policies related on merchant surcharging. In an Securities and Exchange Commission filing, the company said it received a Civil Investigative Demand on Oct. 14 from the Justice Department's antitrust division. The department can issue CIDs to anyone it believes may have information related to an investigation, the filing said. Receipt of such a request does not mean that a formal complaint will be filed.

Industry Leaders Meet in Chicago

Terry Savage address the Strategic Leadership & Networking Forum

 

More than 300 of the top payments industry leaders met October 21-22 at ETA's 2008 Strategic Leadership & Networking Forum, amid a backdrop of economic uncertainty and a rapidly changing financial services sector.

 

The tone of the Forum was set by keynote speaker Terry Savage, who demonstrated her expertise and experience in the financial markets through a thorough look at recent events and series of historical comparisons. Her conclusion: Yes it's going to be difficult for the next several months and yet there is reason to be optimistic that the economy that emerges from the current crisis will be stonger and more resilient.

 

Global Payments CEO Paul Garcia, who gave a fact-filled survey of the international payments environment, agreed that there is plenty of reason for optimism in the long term. "We'll get through this," he promised. "We always do."

 

<< Start < Previous 1 2 3 4 5 6 7 8 9 10 Next > End >>


ETA Members Only
Login here to access your member information, membership status and member-only content.
Banner
Upcoming Events

Compliance Day

April 13, 2010

Mandalay Bay Resort & Casino

Las Vegas, NV

 

2010 ETA Annual
Meeting & Expo

April 13-15, 2010

Mandalay Bay Resort & Casino

Las Vegas, NV

 

Strategic Leadership Forum: The Future of Payments, Today

October 26-28, 2010

The Breakers

Palm Beach, FL

2010 Annual Meeting
exhibhall

2010 Annual Meeting Exhibitor Information is Here!

If you're planning to join the leading companies in the  payments business in the ETA Annual Meeting exhibiton hall next April, now is the time to reserve your space and make your plans. Everything you need is  here .
News Wire
Payments News - from Glenbrook Partners
Syndicate
ETA Staff Login
Username

Password

Remember me
Password Reminder







Electronic Transactions Association
1101 16th Street NW Washington, DC 20036
Toll Free: 800.695.5509 Tel: 202.828.2635

Privacy Statement | Antitrust Laws & Trade Associations
© 2008 ETA The Electronic Transactions Association. All rights reserved.