On Thursday, Demand Progress applauded the passage of legislation in Colorado that would limit swipe fees, part of a broad effort to break the stranglehold that payment processors and big banks have on the credit card business. The new law, the Swipe Fee Fairness and Consumer Safeguards Act, bans swipe fees – the money merchants … Continued
Federal regulator goes all-in on protecting the swipe fee racket and paves the way for more On April 24, the Office of the Comptroller of the Currency (OCC) announced an interim final rule that would fundamentally transform a longstanding federal regulation, 12 C.F.R. § 7.4002, that governs fees that national banks – those with federal … Continued
CFTC Proposal Would Turn Consumer Protection Agency Into Nation’s Gambling Czar Washington, D.C. — On Thursday, Demand Progress Education Fund, Americans for Financial Reform Education Fund and Public Citizen submitted a comment letter urging the Commodity Futures Trading Commission to reject any efforts to bring “events contracts” on sports, entertainment, policy or political outcomes traded … Continued
Congress Fails to Pass Long-Term ‘Clean’ FISA Reauthorization Washington, D.C. — On Thursday, both the Senate and House unanimously passed a stopgap 45-day extension of Section 702 of the Foreign Intelligence Surveillance Act (FISA). This measure buys more time to negotiate for a FISA renewal with actual privacy reforms. This also marks yet another defeat … Continued
Tom Cotton’s Objection Forces FISA Sunset and Potentially Cancel Recess Washington, D.C. — On Thursday, Sen. Ron Wyden (D-OR) proposed a short-term extension of FISA in exchange for declassifying a major opinion from the top government surveillance court, which revealed continuing violations of the controversial authority. Wyden’s proposal follows the passage of House Speaker Mike … Continued
Jim Himes and 41 Other Dems Voted for FISA Bill with No Privacy Reforms Washington, D.C. — On Wednesday, the House voted to renew Section 702 of the Foreign Intelligence Surveillance Act (FISA). This three-year renewal lacks any needed privacy reforms like a warrant requirement to close the backdoor search and data broker loopholes. Shockingly, … Continued
Fighting higher costs by breaking Wall Street’s market power Credit card issuers (banks) and payment networks (Visa and Mastercard) are ripping off consumers and small businesses to an extraordinary degree at a time when many Americans are scraping by amid rising prices. There’s a bipartisan piece of legislation that can ease the pressure on American … Continued