The attorneys general from 31 U.S. states have reached agreements with three of the nation’s largest credit reporting agencies to issue more consumer-friendly rule changes. The new rules and guidelines involve protection benefits for consumers, medical debt changes, and adjusting the way errors are fixed on an individual’s credit report. Moving Toward a Better Experience…
Category: Industry News
Congress Hears Testimony on Payment Security
The Congressional House Financial Services Committee recently heard testimony on the need for better payment security standards. In light of widespread data breaches and credit card fraud, many individuals within the e-commerce and banking industries are stressing the necessity of a national standard. Legislative Action Against Fraud Lawmakers have often shied away from taking action…
Google and Bing Block Payday Lender Ads
In the most recent attempt to phase payday lender ads from search results, both Google and Bing have decided to block ads for unlicensed lenders in California. Teaming up with California’s Department of Business Oversight, the search giants agreed to ban all ads by payday businesses who aren’t legally licensed to lend money. This is…
Gains Made Against Operation Choke Point
Operation Choke Point, the federal government’s multiagency effort to cut off banking to merchants it deems unsavory or fraudulent, came to light in 2013. It has seen many legitimate high risk businesses fail, nearly fail and sputter due to the abandonment of their banks for fear of federal government backlash. For a second straight year,…
Consumers Consult Mobile Commerce Sites to Compare Prices In-Store
In a recent study, U.S. retail shoppers revealed exactly what they’re doing on their mobile phones while shopping. As it turns out, the newest price comparison tool isn’t flyers or giant signage—it’s mobile commerce sites. Shoppers Check Prices Before Buying Thanks to the versatility and widespread access to the internet that mobile devices present, shoppers…
Internet Sales Tax Met with Opposition
One of the many pieces of legislation being slowed by partisan politics in Washington has been the Marketplace Fairness Act (MFA), known for its goal to level the playing field for e-commerce merchants by redefining internet sales tax laws. While passed by the Democratic-led Senate in 2013, the bill has been met with opposition in…
The 3 Keys to Pharmacy Merchant Accounts
Credit card processing for the industry of pharmacy – online, MOTO or point of sale (POS) – can be a difficult thing to obtain. The industry has drawn its share of fraud – merchants who aren’t selling what they’re advertising – to the extent that some credit card brands temporarily ceased processing credit card transactions.…
Collection Agencies Prove Important to US Economy
For an industry that is unpopular among lawmakers and card associations, the collections industry seems vital to the U.S. economy, putting more money into the wallets of consumers. With 77 million Americans having debt in collections, it is no wonder that the billion dollar industry has some affect on the economy. But what does this…
Why the Feds Want Limits on Payday Lenders
The dispute between the Consumer Financial Protection Bureau and payday lenders is kind of like the old Tom & Jerry cartoons. Tom, the angry cat, sets a trap to catch Jerry, the elusive, clever mouse. Jerry finds a way around the trap. Tom improvises and thinks of a new scheme. Jerry adjusts and squeezes his…
Winklevoss Twins Look to Start Bitcoin Exchange
In their most recent endeavor, Cameron and Tyler Winklevoss are looking to move bitcoin ($273 USD) further into the mainstream by creating a bitcoin exchange in the U.S. Reportedly titled “Gemini,” they are heralding the project as the “Nasdaq for bitcoin.” Could a new, regulated bitcoin exchange save the digital currency from falling prices? What…