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Table of Contents

Lead Story

New payment player flexes muscle


Industry Update

Interchange dodges a bullet

Two more terminal types under PCI SSC umbrella

Small-business confidence rising

Contactless faring well

Terrorism funded with stolen data

Flying for wishes, Isaacman sets record

Visa Inc. interchange rates as of April 2009


Data security dominates ETA Expo

Selling Prepaid

Prepaid in brief

The Fair Gift Card Act of 2009:
Good intentions, disastrous results

Brad Fauss
Springbok Services Inc.

The ISO challenge: Selling prepaid

Drilling down on the prepaid-unbanked relationship


Protect merchants with the basics

Biff Matthews
CardWare International

The drive toward integrated solutions

Robbie Lopez

Extending security beyond assessments

Michael Petitti


Street SmartsSM:
What does your billboard say?

Jon Perry and Vanessa Lang

What it takes to thrive in business

Curt Hensley
CSH Consulting

PCI: Taking the proper path

Tim Cranny
Panoptic Security Inc.

Facing the elephants

Jeff Fortney
Clearent LLC

Company Profile

Merchant Cash and Capital

New Products

Private pathway for POS data

Company: Apriva

Boundless processing


Revenue streams through referrals

AdvanceMe Inc.


Capitalizing on distractions


2009 Calendar of events



Resource Guide


A Bigger Thing

The Green Sheet Online Edition

May 11, 2009  •  Issue 09:05:01

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Interchange dodges a bullet

Efforts by the Merchants Payments Coalition to force a congressional debate over interchange were shot down recently when a proposed amendment to the Credit Cardholders' Bill of Rights Act (HR 627) was ruled nongermane.

The bill, which mirrors legislation that passed in the U.S. House of Representatives last year but not in the Senate, was approved in the House on April 30, 2009, by an overwhelming majority: 357 to 70. Merchants, operating through the MPC, took their complaints about interchange to Congress and convinced several members of the House to push for amendments that would rein in interchange. However, the National Association of Convenience Stores reported that efforts to introduce an interchange amendment were struck down April 29 by the House Parliamentarian, who ruled the amendment was not relevant to the overall intent of HR 627.

Consumer protection a priority

Introduced by Rep. Carolyn Maloney, D-N.Y., and co-sponsored by 128 Democrats and Republicans, HR 627 aims to protect consumers against misleading and often incomprehensible card contract terms. It also places restrictions on issuer fees and rate setting.

Several amendments deemed pertinent were approved during House debate on the measure. These included provisions for military personnel and disabled veterans who miss payments, underwriting requirements for student card accounts, promotional rates, and minimum payments.

"[T]he House sent a message to the American public that responsible regulation is part of the new era of financial responsibility - and that responsibility works both ways, for companies as well as consumers," Maloney said.

Rep. Luis Gutierrez, Chairman of the Subcommittee on Financial Institutions and Consumer Credit, pointed out that the average family owes roughly $8,000 on credit cards.

"Meanwhile, as Americans struggle to make ends meet, a growing share of the industry's revenues come from deceptive tactics, such as universal default terms spelled out in fine print - the terms and conditions of which can be changed at any time for any reason with 15 days' notice or less," Gutierrez said.

"The Credit Cardholders' Bill of Rights responds by applying common-sense regulations that reward hard work and responsibility rather than high-flying finance schemes," he added.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Simpay | USAePay | Impact Paysystems | Board Studios