MasterCard/Visa

In a major victory for retailers, on Wednesday, June 9, the U.S. Senate rejected legislation that would have delayed the implementation of reforms that reduce swipe fees by ensuring that they are “reasonable and proportional” to the actual cost of processing a transaction.

ABA has created a template letter that booksellers can use to urge their legislators to oppose any attempt to delay debit card swipe fee reform set to take effect in July.

ABA has joined with eight organizations, including the Main Street Alliance and the Northern California Independent Booksellers Association, in asking Congressional leadership to oppose any attempt to delay swipe fee reform, which is set to take effect in July.

Late last week, trade associations and Main Street businesses of all sizes, led by the Retail Industry Leaders Association, wrote to the Federal Reserve in support of swipe fee reform. More than 1,500 companies and associations, including ABA and NACS,  signed the letter.

To those bookstore owners who do not fully comprehend the extent of their liability under the Payment Card Industry (PCI) Data Security Standard, be warned that what you don't know can hurt you – and can be very costly.

On Wednesday, July 21, President Obama signed into law a sweeping financial reform bill that, among other changes, would regulate swipe fees charged by banks for debit-card transactions.

The deadline for retailers to submit claim forms in the Visa Check/MasterMoney antitrust class action lawsuit is Wednesday, December 28, 2005. Class members -- retailers that accepted Visa and MasterCard debit cards between October 25, 1992, and July 31, 2003, have until then to return the forms, which were mailed to them at the end of September. December 28 is also the deadline for retailers to challenge the estimated cash payment amount on the claim form.

The deadline for retailers to submit claim forms in the Visa Check/MasterMoney antitrust class action lawsuit is Wednesday, December 28, 2005. Class members -- retailers that accepted Visa and MasterCard debit cards between October 25, 1992, and July 31, 2003, have until then to return the forms, which were mailed to them at the end of September. December 28 is also the deadline for retailers to challenge the estimated cash payment amount on the claim form.

The deadline for retailers to submit claim forms in the Visa Check/MasterMoney antitrust class action lawsuit has been extended for 90 days, according to a recent advisory from Constantine Cannon, lead counsel for the plaintiffs. Class members that received a claim form, which includes an estimated cash payment, now have until December 28, 2005, to submit the claim form or to challenge the estimated cash payment amount.

The American Booksellers Association recently joined the National Association of Chain Drug Stores, National Association of Convenience Stores, National Community Pharmacists Association, and the National Cooperative Grocers Association as a plaintiff in an antitrust lawsuit filed in the U.S. District Court of Connecticut. The suit alleges that Visa USA Inc. and MasterCard International Inc., as well as major banks and credit-card companies, colluded to fix interchange fees.