Wednesday, June 8, 2011

Electronic Payments Coalition: Senate Fails to Protect Consumers, Community Banks and Credit Unions From Effects of Durbin Debit Card Price Caps

Did the Senate Throw Consumers Under the Bus?

Electronic Payments Coalition Promises to Continue Fight to Help Debit Card Holders

WASHINGTONJune 8, 2011 /PRNewswire/ -- Today, by a vote of 54-45, the U.S. Senate failed to pass a compromise version of the Debit Interchange Fee Study Act as an amendment of the Economic Development Revitalization Act (S. 782).  The legislation would have required a study into the unintended consequences that will result from debit interchange price caps mandated by the Durbin Amendment to the Wall Street Reform and Consumer Protection Act (Dodd-Frank).
"It is stunning that the Senate chose to ignore every major banking regulator who warned that this rule could harm community banks and credit unions – and possibly even result in bank failures at a time when our country can least afford it," said Trish Wexler, spokesperson for the Electronic Payments Coalition.  "Giant retailers may have protected their $12 billion windfall at the expense of small businesses and debit cardholders across America.  But we will not give up the effort to protect debit card holders from the effects of this ill-conceived legislation."
The Durbin debit card amendment was added to the Dodd-Frank financial reform bill without a single hearing, study, or review of its potential consequences.  It prevented the Federal Reserve from considering these issues and strictly limited its discretion.  As currently proposed the Fed rule ignores whole segments of costs associated with facilitating debit transactions.  Since proposing the rule, Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila Bair have both raised serious doubts about the rule; and specifically about the effectiveness of the so-called "carve out" for community banks and credit unions.  Over 11,000 comments were submitted to the Federal Reserve expressing similar concerns, and hundreds of thousands of debit card holders contacted their members of Congress in support of the additional review.
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC's goal is to protect the value, innovation, convenience and competition in today's growing electronic payments system. EPC educates policymakers, consumers and the media on the system's role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.
SOURCE Electronic Payments Coalition

Enhanced by Zemanta

Senate Votes Against Delaying Durbin Amendment, Merchants Win...Consumers Lose


The Senate voted 54-45 to implement the .12 cent debit fee cap effective July 21st.  Graphs below analyzing the effects of the Durbin Amendment are courtesy of nerdwallet.com   It will be interesting to see whether retailers "pocket the difference" (as expected) or pass the savings on to consumers.  (yeah...right)
A .12 cent cap per transaction that will take effect July 21, per the direction of a provision authored by Sen. Dick Durbin, D-Ill., in last year's financial regulatory reform law, known as the Dodd-Frank bill after its sponsors.

Read more: http://politics.blogs.foxnews.com/2011/06/08/senate-rejects-delay-debit-card-swipe-fee-cap#ixzz1OiS91AGt




Senate Rejects Delay for Debit Card Swipe Fee Cap


Fox News (blog) - Trish Turner - 1 hour ago
Dick Durbin, D-Ill., in last year's financial regulatory reform law, known as the Dodd-Frank bill after its sponsors. The Durbin amendment caught bankers ...
Delaying Dodd-Frank's Durbin Price Controls Would Save Retailers ...‎ - OpenMarket.org
Vote on Amendment to Interchange Regs Scheduled for Today‎ - GetDebit.com
CU Lobbyists Waging Last-Minute Effort to Push Interchange Measure‎ - Credit Union Times
TheStreet.com InternetRetailer.com 



Enhanced by Zemanta

NYPay Payments Group to Host "Future of Loyalty and Rewards" Monday, June 13th

Nitin Gupta, Regional Sales Manager for Yodlee, runs a Payments networking group (NYPAY) in order to facilitate the sharing of best practices and interaction between the NY metro area payments professionals.

NYPAY has over 300 senior execs in the group.

Their next event,  Monday, June 13 will discuss the future of Loyalty and Rewards. 



More details can be found on http://loyalty.eventbrite.com/


Hosted By

NYPAY Payments Group


The Payments industry is undergoing a transformation as we speak. Prepaid cards, gift cards, new forms of payment like PayPal, Amazon Payments, Zong, Bango etc are all vivid demonstrations of the vibrancy of new thinking in the payments industry.


If you are a member of the payments industry, you are invited to join NYPay, a networking group of the NY Metro area based payments professionals and progressive thinkers.


Objective- NYPay's primary goal is to provide a face-to-face professional networking forum for the regular exchange of views on these issues among active professionals within the payments industry who are located in the NY Metro Area.

View Other EventsView other NYPAY Payments Groupevents
Contact the HostContact the Host
RSS Feed
About NYPay:  NYPay is designed to provide a professional networking forum for the exchange of views and ideas among active professionals within the payments industry that are located in the New York City metro area. The group interacts via an online user group and at regular face-to-face functions that will focus on current payments trends and issues.  "NYPay provides a much needed opportunity for payments professionals to stay current on industry developments while connecting with colleagues from various institutions. Based on NYPay's stated membership profile, the association is seeking active professionals involved in the Financial Services Industry payments field who can contribute to the forum's regular discussion groups. Membership is by invitation only.

Ticket Information

TICKET TYPESALES ENDPRICEFEEQUANTITY
NYPAY MembersJun 12, 2011$10.00$1.54

Event Details



The Future of Loyalty and Rewards: A Payments Industry Perspective”
Monday, June 13th | 5:30 – 8:30 PM
AllianceBernstein | 1345 Avenue of the Americas, 41st Floor, New York, NY
We are pleased to announce our upcoming event, “The Future of Loyalty and Rewards” on June 13, 2011. Join us for a discussion on how loyalty and rewards programs have evolved and where they might be heading.
Time:                      Networking           5:30-6:15 PM
Panel discussion   6:15-7:45 PM
Networking           7:45-8:30 PM
Location:               AllianceBernstein, 1345 Avenue of the Americas, 41st Floor, New York, NY
Topics:                    How will the regulatory environment change reward and loyalty programs?
Will today’s reward programs disappear or become of merchant-funded?
What does mobile’s growing presence mean for delivery of loyalty programs?
Are airline-based loyalty programs losing their appeal?
How will loyalty programs morph over the coming years?
Will loyalty programs extend successfully beyond cards into other areas?
Loyalty and rewards have been key drivers of consumer spending for decades, but the way they are configured, delivered and who pays for them is changing.  NYPAY has invited an array of panelists representing a bank, a merchant, an analyst and a rewards provider to lead a discussion of what we’re seeing today and what we can expect in the future. Please join us for conversation that will spur new thinking and offer the chance to connect with colleagues.
To Register:          RSVP now at http://loyalty-eorg.eventbrite.com/Space is limited!

Security:                Pre-registration required due to security requirements for building entry.  Attendees must present government-issued photo ID for entry.
Panelists:
·         Scott Grimes, CEO, Cardlytics
·         Arnold Lewis, VP Customer Loyalty and Rewards , Macys
·         Patricia Hewitt, The Mercator Advisory Group
·         Amy Harris, Senior Vice-President, Loyalty Marketing and ThankYou, Citi
See our LinkedIn group for more information: http://linkd.in/hT8KO2

                          Follow us on Twitter  @NYPAYGROUP
Attendee ListSort by: Date | First Name | Last Name

  • James Mullane, Vice President, MasterCard Worldwide 

  • Therese R Revesz, Principal, Revesz International LLC 

  • Sean Murray, Research Manager, GLG 

  • Robert Niziol, Managing Member, Hal Cash North America 

  • alex cooper, CEO, Paysis 

  • Chris Cruz, Investor, Searchlight Capital Partners 

  • Rick Otero, President, Kimera Consulting 

  • Marilyn Keyes, VP, Implementations, Redwage 

  • Stephen Bartell, President, Bartell Businesses Inc. 

  • Judi Squire, President, J. L. Squire & Associates, Inc. 

  • Patricia Hewitt, Director, Mercator Advisory Group 

  • Paul Compton, SVP Sales / Business Development , EVO Platinum 

  • Amy Harris, Senior Vice-President, Loyalty Marketing and Thank, Citi 

  • Scott Grimes, CEO, Cardlytics 

  • Arnold Lewis, VP Customer Loyalty and Rewards, Macys 

  • Dale Laszig, Senior Vice President, Castles Technology Co., Ltd. 

  • Joseph Salesky, Founder & Chief Strategy Officer, FreeMonee Network 

  • Phaedra Ballard, Analyst, BrainJuicer 

  • Daniel Seeger, Business Analyst, Capgemini 

  • James Liang, Managing Partner, Hope Street Advisers, LLC 

  • Josh Kampel, CMO, Transactis 

  • Andrew Duffett, Manager, American Express 

  • Jim shanahan, President, Shanahan & Associates LLC 

  • Joseph Proto, CEO, Transactis 

  • Robert Hyer, Managing Director, Houlihan Lokey 

  • Bruce Urbanek Urbanek, Senior Vice President, Houlihan Lokey 

  • Carmen Paraschiv, VP of Strategic Development, PAX technology, Inc. 

  • Christine Kovich, Vice President, Core Payment Strategy, MasterCard 

  • Pascal Caillon, Vice President, CorFire 

  • Michael Doron, VP, The Americas, Deutsche Telecom/ClickandBuy 

  • Michael Wigon, Managing Director, PurusAnalytics 

  • Mike Brody, Finance VP/ Co-Founder, Payfone 

  • Lisa Brzezicki, SVP- Bank Partner Programs, Mazooma, Inc. 

  • Edward Boyle, CEO, Monetaris, Inc 

  • Lawrence Blagman, Senior Director, Claymore Partners, Inc 

  • Michael Cardace, Consumer Social Media Project Manager, Citi 

  • Linnea Perelli-Minetti, Citigroup Account Support Coordinator, Visa Inc. 

  • Steven VanFleet, President/CEO, RewardsNOW, Inc. 

  • Kristin McClement, Product, Payfone 

  • Rodger Desai, CEO, Payfone 

  • Rodman Reef, Managing Principal, Reef Karson Consulting, LLC 

  • glenn fodor, vice president, morgan stanley 

  • Alan Mandelbaum, Consultant, Independent 

  • Mordy Kaplinsky, EVP Product, FonWallet 

  • Paul Hornung, Sr. Account Executive, Global Affluent, Innovation, Visa Inc 

  • Rajiv Goyal, Director, TFPayments 

  • Jim Stone, Senior Account Manager, Mercator Advisory Group 

  • steve kietz, Chief Revenue Officer, Emerging Payment Technologies 

  • raman gilotra, Principal, Infosys Consulting 

  • Dan Goodman, VP, MasterCard 

  • David True, EVP, MCAworks 

  • Pam Lloyd, VP merchant relations, MasterCard 

  • Amanda Caixeiro, Talent Acquisition , Isis Mobile Commerce 

  • Emily Dragone, Talent Acquisition , Isis Mobile Commerce 

  • Richard Wendell, Vice President, Global Strategy and Business Devel, American Express 

  • Scott Hamilton, Self, Director of Marketing 

  • Dudley Brundige, VP, GLG 

  • Mike Kutsch, Principal, Payment Strategy, LLC 

  • Ulrike Guigui, EVP, Acculynk 

  • Craig Weinberg, Mobile Director , Mindshare Worldwide 

  • Gayle Bock, Chief Marketing Officer, Frontier 

  • Diane Dolinsky-Pickar, Co-Founder and CMO, Mojo40 

  • David Sica, Business Leader, Visa 

  • Hiro Taylor, Analyst, Macquarie 

  • Ronald Mazursky, Managing Director, Market Innovations Inc. 

  • Nitin Gupta, Regional Manager, North East, Yodlee 

  • Frank Faeth, Consultant, Faeth Consulting 

  • Tom Penichter, General Manager, TGP Associates 

  • Seth Harlem, Manager , Advanced Software Systems 

  • linda simon, National Account Manager, The Prepaid Press 

  • Michael Noles, President, MKN Associates, LLC 

  • John Almash, President, Stratcom LLC 

  • will peppo, SVP, TxVia 

  • David Gerbino, AVP Research and Database Marketing, Provident Bank 

  • Susan Andrews, Business Development, Martiz 

  • Bryan Derman, Partner, Glenbrook Partners 

  • James Fleming, In Search, In Search 

  • Camilla Velasquez 

  • Tulu Yunus 

Disqus for ePayment News