What the largest financial institutions won’t reveal about swipe fees NACS Online George Orwell’s 1984 novel has nothing on banks these days in terms of double-speak, wrote Lyle Beckwith, NACS senior vice president of government relations, in a blog posted to The Hill. “The banks don’t like an amendment to the Dodd-Frank financial-regulation law that…
NACS cautions that prohibiting convenience stores from accepting SNAP benefits will negatively affect not only retailers but their customers and communities NACS Online The U.S. Department of Agriculture (USDA) wants retailers who accept food stamps to stock more food choices, a move that could harm tens of thousands of smaller stores, like convenience stores, currently…
NACS Daily The Second Circuit Court of Appeals today overturned the class-action settlement in the case In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. That case led to a proposed settlement valued at $7.25 billion in 2012. Today’s ruling called the settlement “unreasonable and inadequate.” NACS led efforts to oppose the $7.25…
Students Encouraged to Connect and Continue Their Education Beyond the Classroom at 8th Annual Scholarship Luncheon MIRA Foundation’s Joseph D. Sarafa Scholarship Program invests more than $700,000 in tomorrow’s leaders since 1999 West Bloomfield, Mich. (June 29, 2016) — The 8th Annual Joseph D. Sarafa Scholarship luncheon was held at the Detroit Athletic Club (DAC)…
Fair Food Network’s Double Up Food Bucks Model Expands Across U.S. Double Up programs in 9 states receive USDA funding to improve healthy food access, support farmers For Immediate Release—June 8, 2016 ANN ARBOR, MI—Fair Food Network announced today that partners working in nine states received more than $7 million in federal funding to launch…
Chairman Jeb Hensarling proposed a repeal of debit swipe fee reform as part of his Wall Street reform package NACS Online Recently, House Financial Services Committee Chairman Jeb Hensarling (R-TX) revealed a plan to overhaul significant parts of Dodd-Frank financial regulations, the New York Times reports. Hensarling is expected to formally introduce his Wall Street…
Nearly 90% of the respondents to a Wells Fargo Securities LLC survey of tobacco retailer and wholesale trade contacts, representing more than 10,000 U.S. convenience stores, say the recent major tobacco price increases have generated incremental per-pack revenue which, given the mid-June timing, should provide a small pricing benefit in the second quarter with a…
On Friday, July 13, parties in the Payment Card Interchange Fee and Merchant Discount Fee Litigation case filed a proposed settlement agreement valued at approximately $7.25 billion. The proposed settlement agreement includes $6.05 billion in damages in addition to an estimated $1.2 billion from a temporary, eight month, 10 basis point cut in credit card…
Cigarette makers, including Altria Group Inc.’s Philip Morris USA unit, lost a bid to end court monitoring of the industry’s marketing practices stemming from the government’s 13-year-old racketeering lawsuit, reported Bloomberg. An U.S. Appeals Court in Washington upheld a lower court decision that oversight of the companies resulting from the federal government lawsuit is necessary…
Earlier this month, the Food and Drug Law Institute published a paper by FMI’s regulatory counsel Erik Lieberman on menu labeling and how FDA exceeded its authority by regulating supermarkets. The paper is published in the peer-reviewed FDLI Policy Forum series. The paper will be an effective resource to share with policymakers to highlight FMI’s…