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The US Justice Department went after Visa on Tuesday in a federal antitrust lawsuit alleging that the company illegally used the scale of its vast card processing network to block competition.Visa ...
According to the new complaint against Visa, which was filed in federal court in New York, more than 60% of debit transactions in the country take place on Visa’s debit network.
The US Department of Justice filed a lawsuit accusing Visa of engaging in anticompetitive behavior.. Prosecutors say the financial giant's monopolistic actions affect "the price of nearly everything."
The Durbin amendment, implemented by Regulation II, [1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a ...
The lawsuit was a challenge to a 2011 regulation of the Federal Reserve Board setting the maximum fees that large banks can charge merchants for a debit-card transaction, [4] but the question before the Supreme Court was limited to whether the case was properly dismissed because of the statute of limitations. [5]
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
The lack of safeguards may have even allowed foreign nationals through gift cards or prepaid debit cards to contribute funds to influence US elections — a violation of federal law.
Provisions within other laws like the Credit and Debit Card Receipt Clarification Act of 2007 as well as the Electronic Funds Transfer Act also contribute to financial privacy in the United States. State regulations vary from state to state.