GLG News by Credit Card Experts

Duncan MacDonaldConsultantDuncan McDonald

Is Congress going to dilute the Durbin interchange amendment?

June 11, 2010

Analysis of:Senate Holds Reg Reform Conference s Upper Hand - American Banker Article | www.americanbanker.com

A small part of the article focuses on the controversial bankcard interchange provisions in the bank reform bill now before a joint House-Senate reconciliation committee. Interestingly, it has quotes from the committee leaders that hint there will be adjustments. Rep. Frank states that "some of the provisions" of the amendment will survive and Senator Dodd says "modifications will be coming." But how so: simply by writing the provision more clearly, or toughening or diluting them?

Duncan MacDonaldConsultantDuncan McDonald

Will bank reform conference committee dilute Senate bill?

May 26, 2010

Analysis of:Democrats Reg-Reform Conference Choices Bode Ill for Banks - American Banker Article | www.americanbanker.com

The article reports that the conferrees chosen so far to sit on the joint Senate/House committee to finalize bank reform legislation is weighted toward the left -- toward opponents of bank interests, in effect, toward a tougher anti-bank result.

Duncan MacDonaldConsultantDuncan McDonald

Football decision jeopardizes bankcard interchange

May 24, 2010

Analysis of:Supreme Court Revives Antitrust Suit Against NFL | online.wsj.com

The Supreme Court today opened the door to allow a greater application of antitrust law to joint ventures. The joint venture here is the National Football League and it is replicated in scores of similar JVs across the economy. The Visa and MasterCard networks were JVs until recently. The NFL decision suggests that when they were, their product distribution and pricing practices would have been subject to antitrust scrutiny under a reasonableness standard.

Duncan MacDonaldConsultantDuncan McDonald

Senate balkanizes retail banking

May 19, 2010

Analysis of:Senate amendment broadens states' leeway in cases against national banks | www.washingtonpost.com

The latest amendment to the bank reform bill before the Senate will modestly open the door to state Attorney's Generals to enforce state and federal laws against banks that sell loans across state lines, like credit cards. In effect, it would dent the historically impregnable wall known as preemption -- the power of the feds to prevent law enforcement against federally chartered banks by states and private parties.

Duncan MacDonaldConsultantDuncan McDonald

Credit card interest rate caps?

May 18, 2010

Analysis of:Banks Face New Threat to Credit Cards in Reg Reform Bill - American Banker Article | www.americanbanker.com

The article is about an attempt by a House member to require that credit card APRs be determined by state and not federal law. Most credit cards are priced according to a uniform rate based on the state headquarters of the creditor. Issuers like Citi, BofA, Macy's, et al export market determined rates from places like South Dakota, Delaware, etc. -- states with liberal statutes that do not cap APRs. Pricing by state would reduce APRs in half the states and thus issuer revenues.

Duncan MacDonaldConsultantDuncan McDonald

Impact of debit card fee legislation exaggerated

May 16, 2010

Analysis of:Shares fall on debit card fees plan | www.ft.com

An amendment to the bank reform bill in the Senate would reduce debit card interchange fees that benefit bank card issuers and indirectly Visa & MasterCard. Media reports, including this one, are estimating its cost to the bankcard industry in the billions. Are they on target or overdoing it?

Richard BialekChief Executive Officer Bialek Group

Is It The End of The US Consumer' s Love Affair With Credit Cards?

May 12, 2010

Analysis of:Inside ARM: $123 Billion in 19 Months: Credit Card Debt's Amazing Plummet | www.insidearm.com

A "perfect storm" of economic events has reversed the decades long growth in consumer credit card debt. This analysis examines the factors that led to this change and how long lived it will prove to be,

Duncan MacDonaldConsultantDuncan McDonald

EU bankcard interchange fee settlement: US ramifications

April 26, 2010

Analysis of:Visa Europe to Cut Debit-Card Fees | online.wsj.com

Visa Europe has settled the EU's antitrust action against its major debit card interchange fees. It will reduce them by up to 60% The settlement does not cover credit card interchange. And it has nothing to do with the interchange lawsuits in the US. Visa Europe is an independent company with a license from Visa, Inc. to sell its products.

Duncan MacDonaldConsultantDuncan McDonald

Our $48 Billion Credit Card Bill

April 21, 2010

Analysis of:Op-Ed Contributor - Our $48 Billion Credit Card Bill | www.nytimes.com

That's the title of an op-ed in today's New York Times that argues in favor of reducing bankcard interchange pricing to zero from an alleged $46B per annum currently. Its aim is not the class action antitrust lawsuit in a federal court in Brooklyn on the matter. Instead, it wants Congress to amend the bank reform bill to force that result. The author says nothing about the probable consequences, were the law to pass, for banks, taxpayers, cardholders.

Matt SimesterManaging DirectorAURIEMMA CONSULTING GROUP INC

What next for Credit Cards in the US and the UK

April 9, 2010

The last 12 months have been the most regulated in the history of the credit card. These regulations including The CARD Act in the US and the recent announcements from the Department of Business Innovation & Skills in the UK are driving significant change across the industry. This article outlines the likely developments in product propositions and their impact on the future of the market.

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