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The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub. L. 108–159 (text)) is a U.S. federal law, passed by the United States Congress on November 22, 2003, [1] and signed by President George W. Bush on December 4, 2003, [2] as an amendment to the Fair Credit Reporting Act.
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 ...
Dodd-Frank required the Federal Reserve to write rules for swipe fees on debit card purchases. [18] Richard Durbin , the senator from Illinois who was the main proponent of those rules, has called the proposed settlement on credit card swipe fees, "gives Visa and MasterCard free rein to carry on their anti-competitive swipe-fee system with no ...
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WASHINGTON (Reuters) -The U.S. Supreme Court on Monday revived a North Dakota convenience store's challenge to a Federal Reserve regulation on debit card "swipe fees" in a ruling that could make ...
Sen. Dick Durbin (D-Ill.) and Sen. Roger Marshall (R-Kan.) introduced the bill to the Senate, and Peter Welch (D-Vt.) and Lance Gooden (R-Texas) submitted it to the House and are planning on ...
The Credit and Debit Card Receipt Clarification act was passed in 2007 as an amendment to the FCRA. [15] The act required that account numbers printed on receipts have to be shortened to five digits in order to protect consumer privacy.
Federal laws that regulate this include, Gramm-Leach-Bliley Act, Fair Credit Reporting Act, Fair and Accurate Credit Transactions Act, Credit and Debit Card Receipt Clarification Act, Bank Secrecy Act, Fair Debt Collection Practices Act, Electronic Funds Transfer Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act. All of ...