Credit cards

28 Aug

Federal Reserve Appeals Ruling Over Swipe Fee Caps

Last week, the Federal Reserve appealed the July ruling by a U.S. district court  that found the cap set by the Fed on debit card swipe fees was too high and did not follow Congress’ intent when it implemented swipe fee reforms required by the Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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01 Aug

Court Rules in Merchants’ Favor in Debit Card Swipe Fee Suit

On Wednesday, July 31, a federal judge ruled that the Federal Reserve did not follow Congress’ intent when it implemented swipe fee reforms required by the Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in June 2011. The Fed had imposed a swipe fee cap of $0.21, but the judge’s decision is expected to force the Fed to lower swipe fee rates even more.

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21 May

Swipe Fee Filing Deadline May 28

Booksellers are reminded that the deadline to respond to the class action settlement notice in the federal antitrust lawsuit over rapidly rising Visa and MasterCard credit card swipe fees is next Tuesday, May 28.

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16 May

Swipe Fee Filing Deadline May 28

The deadline for booksellers to respond to the class-action settlement notice in the federal antitrust lawsuit over rapidly rising Visa and MasterCard credit card swipe fees is May 28, 2013, less than two weeks away.

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02 May

Important Swipe Fee Settlement Clarification

Subsequent to the ABA recommendation that members opt out of the class action settlement over rapidly rising Visa and MasterCard swipe fees, the judge presiding over the litigation has directed that retailers be reminded that opting out of the settlement and objecting to it are entirely distinct actions.

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23 Apr

ABA Recommends Members Opt Out of Swipe Fee Settlement

In an April 19 e-mail to bookstore members regarding the class action settlement over rapidly rising Visa and MasterCard swipe fees, ABA recommended that members opt out and object to the settlement.

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06 Mar

Swipe Fee Settlement Recommendation Forthcoming

ABA is encouraging members to hold off making any decision on filing the swipe fee settlement notice in the federal antitrust lawsuit over rapidly rising Visa and MasterCard credit card swipe fees until the association issues a recommendation.

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20 Feb

Bookstores to Receive Swipe Fee Notice of Settlement

ABA bookstore members should expect to receive a settlement notice soon as part of the proposed class-action settlement of a federal antitrust lawsuit over rapidly rising Visa and MasterCard credit card swipe fees. ABA is currently working with a coalition of trade associations and companies to gather information as to the best course of action for members.

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06 Dec

Retailers to Appeal Preliminary Ruling in Proposed Interchange Settlement

On December 3, a majority of named class plaintiffs filed a notice of appeal to challenge a ruling from the U.S. District Court for the Eastern District of New York that grants preliminary approval to a proposed settlement of a long-standing antitrust class action filed by merchants against Visa, MasterCard, and the largest banks.

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08 Nov

Retail Groups Submit Brief Opposing Swipe Fee Settlement

On November 1, 20 retailers and trade groups, including the American Booksellers Association, the National Association of College Stores, and the National Retail Federation, asked a judge to reject a proposed class-action settlement of a federal antitrust lawsuit over skyrocketing Visa and MasterCard credit card swipe fees.

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25 Oct

Revised Swipe Fee Deal Submitted for Preliminary Approval

On Friday, October 19, the nine remaining class plaintiffs submitted a revised proposed $7.25 billion settlement of a federal antitrust lawsuit over skyrocketing Visa and MasterCard credit card swipe fees to the court for preliminary approval.

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11 Oct

ABA Opposes Proposed Swipe Fee Settlement

ABA announced this week that it is joining the National Association of College Stores, the National Retail Federation, the Retail Industry Leaders Association, and other trade groups in opposing the proposed $7.25 billion settlement of a federal antitrust lawsuit over skyrocketing Visa and MasterCard credit card swipe fees, which was announced in July.

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19 Jul

MasterCard and Visa Reach Settlement in Antitrust Suit

A settlement was announced last week in a 2005 lawsuit that charged MasterCard, Visa, and major banks with engaging in price-fixing to charge high fees for credit card payment processing.

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30 Jun

Retailers Disappointed by Fed’s Vote on Swipe Fees

Bringing a conclusion to months of furious Washington lobbying, the Federal Reserve on Wednesday, June 29, voted to set a cap on swipe fees for debit cards at 21 cents, a conclusion that pleased neither banks nor merchants.

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23 Jun

Sen. Durbin Warns “Battle on Swipe Fees Not Over”

Speaking at the National Retail Federation’s annual Washington Leadership Conference this week, Senate Majority Whip Richard Durbin (D-IL) warned that the battle on swipe fees is not over.

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About ABA

The American Booksellers Association, a national not-for-profit trade organization, works with booksellers and industry partners to ensure the success and profitability of independently owned book retailers, and to assist in expanding the community of the book.

Independent bookstores act as community anchors; they serve a unique role in promoting the open exchange of ideas, enriching the cultural life of communities, and creating economically vibrant neighborhoods.

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