OCC seeks to halt Illinois card interchange fee law
Payments Dive
OCTOBER 3, 2024
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
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Payments Dive
OCTOBER 3, 2024
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
Payments Dive
JANUARY 17, 2025
Banks seeking to halt a new Illinois law that bars credit card interchange fees on taxes and tips succeeded on one front, but not another, at least for now.
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Payments Dive
FEBRUARY 25, 2025
The senate minority whip from Illinois plans to reintroduce the Credit Card Competition Act proposal in a bid to increase competition for Visa and Mastercard.
Payments Dive
MARCH 25, 2025
Banks and credit unions are trying to kill a new Illinois law banning interchange fees, with a court filing, as multiple states seek to emulate the legislation.
Payments Dive
NOVEMBER 18, 2024
In the wake of Illinois being sued over its landmark law exempting state taxes from the calculation of card interchange fees, other states are making little progress with the idea.
Payments Dive
APRIL 29, 2022
Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s."
PYMNTS
JANUARY 17, 2019
17) the Square Card, a business debit Mastercard aimed at helping businesses manage cash flow. In a press release , the payments company said Square Card users get a 2.75 Square Card addresses these pain points, and further extends Square’s ecosystem of products and services for small businesses.”.
PYMNTS
MAY 19, 2016
Now that the traditional swipe credit card is starting to fall out of favor in the face of EMV and mobile payments, software developers are scrambling to develop updated ways of authenticating consumers’ identities at the point of sale. ”
PYMNTS
SEPTEMBER 11, 2019
Illinois-based daVinci Payments has announced it is releasing a Chinese Yuan (CNY) corporate-funded prepaid card for employees or customers of multi-national corporations. The company has partnered with UnionPay to provide virtual and physical cards that will be accepted at point-of-sale terminals in China.
PYMNTS
JULY 3, 2019
Ahead of the Fourth of July holiday, Google Pay has rolled out mobile support for cards from 13 U.S. Services like Google Pay must come to an agreement with a credit union or bank before they can support a consumer’s debit or credit card, 9to5Google reported.
PYMNTS
OCTOBER 23, 2018
Payment cards could play a role in making somebody, or a group of people, insanely wealthy tonight via the $1.6 According to reports, 32 states allow consumers to use at least some combination of credit, debit and gift card to buy tickets for that lottery. billion Mega Millions drawing scheduled for 11 p.m. ET Tuesday night (Oct.
PYMNTS
JANUARY 8, 2020
A New York man, 39-year-old Bogdan Rusu, was sentenced to 60 months in prison on charges of using credit card skimming tactics to steal $390,141 from various New Jersey banks, according to a Department of Justice (DOJ) report. From there, they used the information to steal customers’ money from their accounts.
PYMNTS
JUNE 13, 2019
is launching the Columbia National Credit program with its new CNC Card, according to a release by the company. Launch of the credit card comes after a successful test run in New York. This is the first time consumers in the United States can use a credit card to buy cannabis, the company said.
PYMNTS
FEBRUARY 23, 2018
First National Bank of Omaha announced that it is not renewing a contract with the National Rifle Association (NRA) to offer customers an NRA-branded Visa card. First National Bank of Omaha offered two NRA cards with a $40 bonus and promoted it as “enough to reimburse your one-year NRA membership!”
PYMNTS
AUGUST 14, 2019
As credit card skimmers have gotten smarter, they have also gotten easier to detect, thanks to Bluetooth broadcasting that announces the presence of enabled devices. Card skimmers today are largely invisible to the eye, but many contain wireless Bluetooth technology, making it easy for thieves to wirelessly download the stolen data.
PYMNTS
AUGUST 23, 2018
Darden Restaurants announced Wednesday (August 23) that the data on 567,000 payment card numbers may have been exposed. The company said payment card information — including card numbers — from visitors who went to the restaurants from Nov. 3, 2017, through Jan. 2 2018 may have been affected.
PYMNTS
SEPTEMBER 23, 2019
Today I decided to change my iTunes credit card. It read my card well, but then when I saved the card, someone else’s credit card was saved! A woman’s from Illinois. I have her full name, billing address and last 4 digits of her credit card! I set everything up and it sure is a great phone.
PYMNTS
SEPTEMBER 24, 2019
Today I decided to change my iTunes credit card. It read my card well, but then when I saved the card, someone else’s credit card was saved! A woman’s from Illinois. I have her full name, billing address and last 4 digits of her credit card! I set everything up and it sure is a great phone.
CFPB Monitor
JUNE 14, 2021
In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.
PYMNTS
FEBRUARY 6, 2020
Payments are facilitated using virtual Visa commercial cards, ACH and checks. “Visa is proud to be the virtual card partner for Finrails AP by Signature Bank,” said Kevin Phalen, global head of Visa Business Solutions. Signature Bank is a relationship-based commercial bank headquartered in Rosemont, Illinois.
PYMNTS
APRIL 27, 2020
Debit card spend and average debit card purchases saw year-over-year increases as money was automatically deposited into checking accounts — and consumers found ways to use it, with debit purchases on consumer goods notably increasing.” . People spent more money on consumer goods, with a 20 percent increase in debit card transactions.
PYMNTS
APRIL 13, 2020
As the coronavirus pandemic continues to disrupt personal finances, a study by credit union service organization (CUSO) PSCU shows that overall credit card spending is down 29 percent for the week ending April 5, compared to the same period in 2019. Debit card spending is down 12 percent for the same period. Gas spending was down 55.5
Gonzobanker
AUGUST 10, 2022
Gonzobankers might want to warn their customers that their credit card rewards may go away because the merchants’ favorite senator is at it again! Dick Durbin (D-IL) introduced legislation recently to require multiple networks for credit card transactions. Take the Delta Airlines Debit Card from Truist. cash back credit card.
PYMNTS
AUGUST 8, 2019
It’s not like a Social Security card or credit card number where you can change the number. The issue began in 2015 when some Facebook users in Illinois said that Facebook was violating the state’s Biometric Information Privacy Act. You can’t change your face.”. Facebook said it will continue to appeal. “We
PYMNTS
APRIL 22, 2019
That would seem to apply to credit unions (CUs), and to Consumers Credit Union of Illinois specifically, one of the largest CUs around, which has been in business since 1930 (before the Great Depression reached its worst depths). “You can’t teach an old dog new tricks” — so goes the dim, cynical saying.
PYMNTS
NOVEMBER 28, 2018
The GasBuddy app has evolved from shopping smart with our app to paying smart with our payment card. The GasBack program offers a Pay with GasBuddy card , which is used at the pump just like a credit card. The Park with GasBuddy program is a collaboration with ParkWhiz, an e-parking service based in Chicago, Illinois.
American Banker
APRIL 21, 2022
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CFPB Monitor
JULY 2, 2021
Much of the new litigation is driven by statutes, such as the California Consumer Privacy Act (CCPA), the Illinois Biometric Information Privacy Act (BIPA), and state wiretap laws that provide for statutory damages. At the current pace, over 1200 data breach or privacy lawsuits, most of them class actions, will be filed this year.
PYMNTS
OCTOBER 23, 2020
The latest such move came from Instacart and ALDI, which announced they would allow customers to pay for same-day delivery or pick up food orders using their EBT SNAP (Supplemental Nutrition Assistance Program) cards. But because the EBT program (funded by the U.S.
American Banker
OCTOBER 3, 2024
The OCC has filed a legal brief backing the banking industry's challenge to Illinois' Interchange Fee Prohibition Act, arguing the law would interfere with national banks' federal authority, fragment the national payment system and force banks to halt credit card usage in the state.
PYMNTS
JULY 7, 2020
The top five scam categories were online shopping, travel and vacation, credit card, financial institutions and text messages, the FTC data said. the Illinois-based insurance company, said the best offense is a good defense. “We know fraud is historically an under-reported crime.”. The median loss was $270.
PYMNTS
MARCH 10, 2020
District Court for the Northern District of Illinois accusing Fifth Third of being fully aware that employees were opening accounts for customers without their knowledge since 2008. . The CFPB filed a complaint with the U.S.
PYMNTS
AUGUST 16, 2019
Bluetooth has also changed the way thieves go about card skimming, with the ability to use smaller devices and download data over SMS. Card skimmers today are largely invisible to the eye, and with wireless Bluetooth technology, it’s easier for thieves to wirelessly download stolen data.
PYMNTS
DECEMBER 10, 2019
Headquartered in San Ramon, California, Lumin Digital provides seamless access to numerous PSCU platforms and services, including card services, data analytics and contact center support. .
PYMNTS
JANUARY 27, 2020
Illinois printed and mailed $1.3 Illinois could have saved an estimated $1 million by digitizing its payments. Advocates argue that digital funds deposited on debit cards are less prone to fraud and error, with speed and convenience for recipients. Not all states feel the same.
PYMNTS
DECEMBER 12, 2018
The city of Bakersfield, Illinois, for example, recently disclosed that cybercriminals had compromised the third-party website Click2Gov, used to process residents’ utility and municipal payments.
PYMNTS
JANUARY 22, 2020
The state of Illinois is still considering digital disbursements, though innovation remains slow. The Idaho Department of Health and Welfare is allowing residents to schedule and receive reoccurring payments to their credit or debit cards in a bid to simplify the child support payment process.
PYMNTS
JUNE 5, 2017
The Justice Department may have left its skirmish against American Express and the issue of “steering,” but nearly a dozen states are battling on against the card issuer in their own fight. On Friday, the Justice Department announced that it would not seek U.S.
ATM Marketplace
MAY 18, 2016
With these words, the senator from Illinois seems to be saying that he's ready to take on the global card brands once more. EMVCo standards have been technologically inadequate and their implementation has caused chaos in the U.S.
PYMNTS
NOVEMBER 23, 2020
“You're not dealing with two-day settlement,” he stated, adding that interoperability also has the ability to foster sticky relationships between merchants and consumers, especially consumers who want perks and high reward cards or coupons. Figure, said Cagney, can offer some of its products in New Yok — but not in, say, Illinois.
PYMNTS
SEPTEMBER 11, 2017
consumers and potentially compromised the credit card numbers of approximately 209,000 people. Pennsylvania Attorney General Josh Shapiro said in a statement that his state, along with Connecticut and Illinois, is leading a collaborative inquiry into the data breach. On Thursday, Sept. New York Attorney General Eric T.
American Banker
OCTOBER 2, 2024
The state's ill-conceived law banning interchange fees on sales tax and gratuities will be burdensome and expensive to implement and could portend a patchwork of state-level copycat legislation that would balkanize the payments system.
PYMNTS
FEBRUARY 4, 2019
Prisoners are usually required to buy at least some products for daily living in the prison commissary, or via approved methods that allow online purchases from outside retailers (often companies that focus on retail sales to inmates), and those payments are usually done by cards or other non-cash methods.
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