Issuers of prepaid and gift cards could get an extension of the Aug. 22 deadline for complying with new rules from the Federal Reserve under legislation pending in the U.S. Senate. The so-called ECO-Gift Card bill, sponsored by U.S. Rep. Dan Maffei, D-NY, passed the U.S. House of Representatives on …

While a compromise hammered out on Monday moderates some of the impact of the so-called Durbin Amendment, at least one payments expert has no doubt who emerges as the winners of this latest parliamentary maneuvering: merchants. Indeed, despite some concessions, banks are still likely to see considerable erosion of the …

Even though a policy change PayPal Inc. announced late last week will dramatically increase some online merchants’ acceptance costs for American Express transactions, their overall costs may remain flat or possibly decline, if the experience of one online retailer is any guide. “There’s at least a good chance it’s not …

Utter the name “Wal-Mart” and heads turn in the payments industry. That happened yet again with the revelation this week that Wal-Mart Stores Inc., the world’s largest retailer that tried and failed to get into the banking business, had taken an equity interest in Green Dot Corp., a major player …

U.S. Sen. Richard Durbin is chastising small banks and credit unions for not liking his debit card interchange regulation proposal, and Visa Inc. claims consumers strongly oppose legislation that would raise their costs or reduce their cards’ utility. These developments emerged as the House of Representatives and the Senate begin …

Consumer spending growth began to slow in April and May after a rebound during the first quarter, with general merchandise stores posting their lowest year-over-year dollar-volume growth, according to at least one major processor. Low-end consumers pulled back from spending, squeezed by an uneven economic recovery and high unemployment. However, …

“Thanks, but no thanks,” was the message on Wednesday from representatives of small financial institutions who made it clear they oppose a Senate amendment that would empower the Federal Reserve to regulate debit card interchange. The chief executives of two credit union trade groups and of a small-bank association voiced …

Credit-union representatives descended on Capitol Hill Tuesday to lobby Congress against proposed debit card interchange regulations in the Senate version of the sweeping financial-reform bill. On Wednesday, two frequent political enemies—banks and credit unions—will declare that they’ve stopped fighting each other so they can fight the so-called Durbin Amendment together. …

Presenting yet another wave of petitions signed by hundreds of thousands of customers, the convenience-store industry turned up the heat on Congress Thursday to enact curbs on debit card interchange. The 1.68 million signed petitions, collected by Speedway SuperAmerica LLC and unveiled by the c-store chain and NACS, an industry …

With the political debate about proposed federal regulation of debit card interchange and card-acceptance terms raging on, analyses of the so-called Durbin Amendment’s effects are emerging. Two new ones suggest consumers would see little or no benefit, if benefit were defined as lower retail prices because of merchants’ reduced card-acceptance …