FTC/FDIC Target Sub-Primer CompuCredit

FTC Press Conference Will Announce Lawsuit Challenging Subprime Credit Card Marketing Company and Debt Collector

On Tuesday, the Federal Trade Commission will announce a law enforcement action charging a credit card marketer and a debt collection company with using deceptive marketing practices and abusive debt collection tactics affecting consumers in the subprime market. The announcement will be made during a joint press conference with the Federal Deposit Insurance Corporation (FDIC); the FDIC will announce administrative charges against the credit card marketer and banks that issued credit cards marketed by the company.

WHERE: Federal Deposit Insurance Corporation
Board Room
550 17th St. NW
Washington, DC 20429
WHEN: Tuesday, June 10, 2008, 1:30 p.m.
PRESS CONTACT: FTC Office of Public Affairs
202-326-2180
[Click here for the full story in PDF format.][1]

[1]: /cardflash/secure/oldstatic/2008/june/10c.pdf

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TRANSPORT & CITY LIFE

The NFC Forum is set to host its “Transport and City Life Applications”
Spotlight conference to facilitate discussions and demonstrate NFC
transport applications. With presentations by NFC Forum Vice Chairman
Gerhard Romen of Nokia and Dr. Wolf Heine of T-Systems, among other
executives, the forum intends to generate input from forum members and
invited guests. Additionally, “Spotlight: Transport and City Life” will
allow organizations to demonstrate new solutions, share deployment
experiences and identify best practices of the more than 60 NFC
transport and city life projects. The NFC Forum has over 150 global
member companies developing specifications for modular NFC device
architecture for interoperability and data exchange.

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Cash Systems Signs Eastside Cannery Casino

Casino cash access solution provider Cash Systems has signed a new contract with Las Vegas-based Eastside Cannery Casino and Hotel where Cash Systems will provide its full line of cash access services including all-in-1atm services and casinopc for cash advance services. Cash Systems all-in-1atm offers patrons an ATM with multifunction capability. Patrons can select an ATM cash withdrawal or select a POS Debit or Credit Card transaction all from the same ATM. casinopc is an exclusive product of Cash Systems that offers the full range of services for processing and completing transactions at the casino cage, all residing on one system.

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QC Financial to Distribute NetSpend Prepaid Cards

Prepaid solution provider NetSpend has entered into an agreement with KS-based payday loan provider QC Financial for a new prepaid debt card program. The card will be issued by MetaBank and are available at QC’s 596 locations across 24 states The NetSpend Prepaid Card Network includes leading consumer brands and companies serving the un- banked and under-banked markets, and its strategic relationships include card issuers, EFT networks and payment card associations.

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Irdeto’s Cloakware Joins the PCI Security Council

VA-based Security solution provider Cloakware has joined the PCI Security Standards Council as a new participating organization. Cloakware will now have access to the latest payment card security standards from the Council, be able to provide feedback on the standards and become part of a growing community that now includes more than 450 organizations. In an era of increasingly sophisticated attacks on systems, adhering to the PCI DSS represents an entity’s best protection against data criminals.

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BELL ID EXEC

Bell ID has appointed Michael Walters as advisory director, effective
immediately. In his new role, Walters will work closely with the
organization’s Advisory Board and assist in forming partner relations in
the growing East Asian markets and has been involved in
consulting/research/development within the cards and payments arena for
over 20 years. In doing so, he has held independent consultancy roles
and led several card technology and service companies across Asia
Pacific, North America and Europe. Michael’s expertise specifically lies
in emerging technology and infrastructure for smart cards,
terminal-driving and transaction authorization/processing systems. Bell
ID smart card management is based in Europe and has offices in the UK,
The Netherlands, Germany, the UAE, the USA and has been developing
software for over 13 years in the field.

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BELL ID & GLOBALPLATFORM

As part of a long list of past collaborations among the two
organizations, Bell ID has deployed Globalplatform’s “Card Specification
v2.1.1” for its “ANDiS4FIPS201” Card and Application Management
technology. The Globalplatform “v2.1.1 has recently been placed on the
US Government’s General Services Administration (GSA) Approved Products
List in recognition of its compliance with the /FIPS 201: Electronic
Personalization/ standard while Bell ID’s “ANDiS4FIPS201” electronic
card personalization meets the requirements stipulated by the US
National Institute of Standards and Technology (NIST). Bell ID’s
compliance with GlobalPlatform “Card Specification v2.1.1,” ensures
“ANDiS4FIPS201” will be both scalable and flexible with future card
solutions such as multi-application cards, health care cards and mobile
phone NFC. Bell ID card application key management is privately held and
Dutch in origin with offices in the UK, Germany, UAE and the US while
GlobalPlatform smart card infrastructure is a member driven association
with cross-industry representation from all world continents.

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COMMERCE INDEX

An annual survey shows that London remains the global
economy’s most influential city. However, Shanghai had the largest jump
in overall rank — moving eight spots from 2007 to 2008 — bringing it
into the top 25 of this year’s MasterCard’s “Centers of Commerce Index.”
Tokyo, Singapore, Seoul, Sydney, Hong Kong, Osaka, Taipei and Shanghai
ranked among the top 25 “Centers of Commerce.” The only two North
American cities in the top 10 globally were New York and Chicago. The
fall of Los Angeles to #17 in 2008, compared to #10 in 2007, is, in
part, due to factors around its role in the global financial services
network, as well as the rise of European cities in the area of knowledge
creation. However, the city ranks #4 in the North American region behind
New York, Chicago and Toronto. The MasterCard “Centers of Commerce
Index” is compiled from research by a panel of eight independent
economic, urban development and social-science experts.

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GEMALTO & MVNO

Gemalto has signed agreements to provide PosteMobile Mobile Virtual
Network Operator (MVNO), of the Poste Italiane Group, with a software
solution that allows BancoPosta, also of the Poste Italiane Group, to
provide customers secure mobile phone transactions. This affords
subscribers of PosteMobile the convenience of paying bills, sending
faxes or wiring money, among other options, from their BancoPosta
account/payment card with their mobile phone. PosteMobile was launched
in November 2007 and has over 250,000 subscribers while Gemalto digital
security had
2007 annual revenues of over EUR1.6 billion, more than 85 offices in 40
countries and about 10,000 employees.

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ABA Responds to Durbin Interchange Bill

The American Bankers Association has issued a statement opposing the “Credit Card Fair Fee Act of 2008” interchange fee reform. The ABA says the legislation “inappropriately inserts the government into the role of setting prices in the private marketplace, undercutting a pricing system that currently benefits consumers, businesses” and will result in federal bureaucracy, less competition, and fewer choices with the end result of higher prices. Senate Majority Whip Richard Durbin, (D-IL) last week introduced legislation that would require credit card systems possessing “substantial market power” to negotiate with merchants to reach a voluntary agreement on credit card terms and conditions. The “Credit Card Fair Fee Act of 2008” is a companion measure to “H.R. 5546,” also named the “Credit Card Fair Fee Act of 2008,” introduced by House Judiciary Committee Chairman John Conyers, (D-MI) in March. If an agreement could be reached, both sides would be required to submit their final offers to binding arbitration by a three-judge panel appointed by the DOJ and FTC. These judges would investigate the fees, terms, and overall market conditions for electronic payment systems. The judges would then order a mandatory settlement conference, and if the settlement conference failed to result in an agreement between the retailers and providers, the judges would conduct a hearing where each side would present their final offer of fees and terms. (CF Library 6/6/08)

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Springbok Services to Offer Visa Cards

Prepaid card provider Springbok has teamed with Visa to offer Visa-branded prepaid card programs that are customized to meet the needs of clients. Human resource, sales, marketing and management professionals can utilize Springbok’s service offering, from program and card design to manufacturing and fulfillment to reporting and program measurement. By offering Visa-branded prepaid cards, Springbok will expand its service offering and provide clients access to benefits that Visa provides through Visa-sponsored discounts and promotions.

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