Even though the Dodd-Frank financial reforms effectively halved the fees that retailers must pay to banks for each debit card transaction, the stores say that amount is still too much. And with all of their legal options exhausted, the retail industry is calling on the Federal Reserve to re-think the cap it put in place nearly five years ago. [More]
Earlier this month, the Securities and Exchange Commission finalized a long-delayed rule that will require many businesses to publicly disclose the ratio of their top executive’s pay to the earnings of the typical employee. If the data in a newly released report is accurate, then the CEOs of Chipotle, CVS, Walmart, and Discovery Communications are each making more than 1,000 times the average salary of the people they employ. [More]
Five years ago, the Dodd-Frank financial reform legislation directed the Securities and Exchange Commission to come up with rules requiring American companies to calculate and report the ratio between a CEO’s pay and that of the company’s typical employee. After repeated delays and claims from big business that the math was too complicated, the SEC has finally voted to approve these rules. [More]
When the housing market collapsed five years ago, it was due in no small part to mortgage lenders who handed out loans without really considering whether or not the borrower could ultimately pay that money back. Hoping to minimize the chances of this happening again, regulators have introduced a new rule today. [More]
This Restaurant Really Wants You To Know Why It Can Now Require $10 Minimum For Credit Card Purchases
Rather than your typical hand-drawn sign letting customers know that they must buy at least $10 worth of stuff in order to use their credit card, this restaurant goes a step further and (sort of) cites the law that gives it the right to require the $10 minimum. [More]
In March, a group of two dozen lawmakers prodded the Securities & Exchange Commission to finally get around to enforcing Section 953(b) of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires publicly traded companies to disclose the ration between CEO pay and the median pay for the rest of their employees. Now that the SEC is prepping to release those rules, these companies are suddenly claiming a lack of basic math skills.
Banks are making less money when you swipe your credit and debit cards because of new caps on interchange rates, the fee that they charge to process each of these transactions, that go into effect on July 1st. They have to make the money up somehow! We’ve seen new fee-incurring tripwires on checking accounts, and now they’re dreaming up even more fees for debit cards. Here’s what’s on their wishlist: