Following is a special report submitted exclusively to The Green Sheet
by Ross Federgreen, founder of CSRSI, The Payment Advisors:
I have read a number of recent articles in The Green Sheet
on the Fair and Accurate Credit Transaction Act of 2003 (FACTA). Although the articles provide accurate information, I believe additional clarifications are needed, and further serious questions and issues must be raised.
Also, the Credit and Debit Card Receipt Clarification Act of 2007, HR 4008, passed May 14, 2008, in the U.S. House of Representatives. This will have a material effect on all of these discussions if it is enacted into law. I will discuss this legislation, but first some important background to frame the conversation.