At Glenbrook, we think (and teach!) about the payments industry by domains (the purpose of the payment) and players (users and providers). Our quick take on the impact of yesterday’s proposed rules on each is below. One general assumption I’ve made here is that the...
Last June, in an article titled "The End of Interchange", I wrote about the then yet to be passed Durbin amendment - and how it might affect debit interchange fees. Earlier today, we got the first glimpse. The point of my earlier article was focused on the...
There, did I get your attention? ... Tonight's headlines say it even more clearly - see this Wall St. Journal story titled "Merchants Win Debit-Card Fee Battle". Or, see this post on PaymentsNews.com about the Durbin compromise announced earlier today. Seriously,...
I’ve been amazed by what I’ve been reading of late from the “analyst” firms commenting on the Durbin Amendment. A lot of what I’ve seen makes me wonder whether these folks should turn in their analyst licenses and simply register as paid lobbyists for their big...
The dramatic vote on the Durbin amendment is causing panic, again, among retail bankers – who were last shocked by the Fed’s overdraft ruling. I wrote about that in November (Watch Out! Big Changes in Retail Bank Pricing Are Coming). I think the underlying problem...
I spent most of 2008 and early 2009 completely obsessed with the credit crisis (evidenced by this index of the best crisis coverage I created just over a year ago). Reading this Andrew Ross Sorkin piece in tomorrow's New York Times got me all riled up again: What...
The Fed’s announcement on Thursday of a new rule prohibiting overdraft fees on debit card and ATM transactions without consumer opt-in is an economic earthquake for retail banks. The Center for Responsible Lending has estimated that banks make $23.7 billion in...
Consistent with the current government focus on enhancing consumer protection, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) brings sea changes to the credit card industry. Forward-looking financial services...
The always brilliant Michael Lewis and David Einhorn are guest op-ed contributors in today's NYTimes. Their (very long and convincing) argument is that misaligned interests throughout the financial eco-system contribute to a systemic problem: short-term gain...
At Forte Financial Glenbrook Partners we've been gripped by the credit crisis, yet drowning in news and data. We suspect that you, too, would appreciate a guide to the gems of insight and plainspoken verbiage that explain, question, and illuminate these...
