Durbin Returns to the Spotlight: 5 Things to Know for the Week

Simon Zhen

Updated on Fri Oct 5, 2012

With just the blink of eye, it’s been one year since debit-card swipe-fee rules went into effect. The law cut revenue for the nation’s biggest banks, which compensated for the loss by making their customers foot the bill in the form of fees. Proponents of the rules say that consumers will end up saving much more from lower retail prices. Did you notice the savings?

  • On Sunday, the Consumer Financial Protection Bureau began supervision of 30 credit-reporting agencies, including the three major credit bureaus — Experian, Equifax and TransUnion. The CFPB will investigate the accuracy and transparency of credit reporting and the process of disputing errors.
  • On Monday, Citibank started requiring customers to take another step to verify certain transactions that involve money movement. When customers make such transactions, they must obtain a security code via text message or phone call to verify these transactions. The new feature is expected to offer an extra layer of security.
  • Monday also marks one year since the industry-changing Durbin Amendment went into effect. Since the law was proposed in December 2010, consumers have faced a string of negative impacts to their checking accounts — higher fees, loss of free checking and the elimination of rewards programs. Critics of the legislation are already revisiting its effects on consumers, retailers and the entire financial industry.
  • Consumer with cash-back credit cards that have rotating bonus categories — Chase Freedom, Citi Dividend Platinum Select and Discover More — will have new categories for the new quarter. Many of the new categories are appropriate for the upcoming holiday season — so plan your gifts to get the most savings. These cardmembers must enroll for the new quarter’s bonus cash-back categories through online banking.
  • The Federal Reserve will release the minutes of its September board meeting on Thursday. The central bank said that it projected low interest rates to stick around for even longer — until mid-2015. Also, the Fed announced an ongoing round of quantitative easing to further push rates down to spur the economy. The minutes could reveal more insights on the Fed’s discussions.

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