Wells Fargo & Co. on April 11 reported a jump in first quarter credit card penetration in its retail banking households, to 38 percent, up from 34.1 percent a year earlier. The issuer also noted a 9 percent jump in its overall average consumer credit...
JPMorgan Chase & Co.’s Card, Merchant Services & Auto unit on April 11 reported a 4 percent drop in net revenue for the first quarter ended March 31, to $4.5 billion. Net income also was down, by 15 percent, to $1.1 billion, driven by lower...
A U.S. District Court judge on April 10 dismissed litigation accusing three leading card issuers of colluding to require cardholders to enter into arbitration to settle disputes instead of class-action litigation. Cardholders in the case failed to show that American Express, Citigroup and Discover Financial...
Several Russian banks were recently denied services by Visa and MasterCard, and now the general public is concerned about the country’s financial situation, according to RIA Novosti. The Russian Central Bank has now invited the country’s banks and payment platforms to help find a new...
The Consumer Financial Protection Bureau (CFPB) on April 9 ordered Bank of America Corp. (BofA) to provide an estimated $727 million in relief to roughly 1.4 million consumers it says were harmed by deceptive marketing related to controversial credit card add-on products. BofA also illegally...
A program run between 115 Japanese supermarkets and convenience stores to share biometric customer face data has drawn criticism for offering a wide variety of possible customers’ rights abuses. The shop-lifting prevention system operated by a Nagoya-based software development company, scans and stores customer face data...
Currently 46-states have passed data-breach legislation and New Mexico is heading toward being the 47th. State legislators in the Southwestern state are currently considering HB 224, which would mandate that organizations notify individuals whose data has been compromised as the result of a breach within 10...
Australia’s Security and Investment Commission (ASIC) has recently publicized concerns that businesses are overcharging for credit card transactions because policing such behavior has slipped between the cracks between two regulatory bodies. Airlines, utilities taxi companies and other low-competition marketplaces are where the overcharges are most...
Speaking before a Congressional panel yesterday, U.S. Attorney General Eric Holder told the assembled that bitcoin, and other virtual currencies like it, represent new risks when it comes to money laundering and other criminal pastimes. “More than ever before, the department’s law-enforcement work today must...
