Insights

The Durbin Amendment is Section 920 in the Dodd-Frank Wall Street Reform and Consumer Act, which is part of the broader Financial Regulation Reform and Consumer Act passed by the Senate in May 2010. The Durbin Amendment was included in the Dodd-Frank bill by Senator Richard Durbin (D-Illinois). Among other things, it require the Federal Reserve to set ‘reasonable and proportional’ rates and fees for debit interchange rate.

A downgrade simply means that you are being charged a rate increase because the type of card your customer is using has a higher processing cost or because a transaction was processed incorrectly by you, the merchant. You can’t always prevent downgrades from happening, but this article will show you what you can do to keep your transaction costs as low as possible.

The Verizon Business 2011 Data Breach report was issued this week and we were not surprised to learn that theft of personal credit card information declined in 2010. This was due in large part from saturation within the market of this information as a result of breaches throughout years previous.