| MasterCard spent $1.8M lobbying
MasterCard International Inc. spent $1.8 million in 2007 to lobby on Internet-related issues and on fees merchants pay when customers use credit cards. The Purchase, N.Y.-based company spent $880,000 in the second half of 2007 to lobby Congress, according to a disclosure form posted online Feb. 13 by the Senate's public records office. It lobbied on gambling regulations and the use of credit cards to purchase illegal material on the Internet. The company spent $880,000 lobbying in the first half of the year on financial literacy, data security, microchip technology and fees banks pay to credit card networks. Congress is weighing tighter regulations on the credit card industry. The industry came under fire in December, when a Senate subcommitee issued a report denouncing practices that include raising interest rates for customers whose credit ratings decline, even if they make their card payments on time.
BofA, Wachovia stand to reap windfall
Bank of America, the country's No. 1 credit-card issuer, is in line for big money from Visa's potentially historic stock listing. The Charlotte bank is Visa's second-biggest customer and the second-biggest holder of its Class B stock, behind JPMorgan Chase & Co. in both categories. Bank of America holds 46 million shares, or about 11 percent, of Visa's Class B stock. Class B stocks generally carry no voting rights. It's unclear how much Bank of America stands to make from Visa's initial public offering, which could raise $18.8 billion. In November, the bank's chief financial officer, Joe Price, said the bank would pay $230 million as a result of a Visa settlement with American Express, but that the bank's gain from Visa's IPO would be "substantially more than the settlement." In a filing in November, Charlotte-based Wachovia said its share of Visa's IPO would more than cover its share of the settlement; it took a $115 million expense for the settlement in the third quarter of last year.
Bank of America, Countrywide to Name Sambol to New Role
CHARLOTTE, N.C., Jan. 31 /PRNewswire/ -- Bank of America Corporation and Countrywide Financial Corporation today announced that David Sambol, Countrywide's president and chief operating officer, will lead the combined consumer mortgage business once Bank of America's planned purchase of Countrywide is complete. Sambol will continue in his current role, reporting to Countrywide Chairman and Chief Executive Officer Angelo R. Mozilo until completion of the transaction, which is targeted for the third quarter. In a related announcement, Bank of America Global Consumer and Small Business Banking President Liam McGee announced that Card Services Executive Bruce Hammonds will assume the newly created role of Global Consumer Credit Executive when the purchase closes. Hammonds, who will continue to report to McGee, will be in charge of all consumer credit products, including the consumer mortgage organization, Bank of America Card Services and unsecured lending.
BBL introduces contactless credit cards
The card can be used at Burger King, McDonald's, Sizzler, The Pizza Company, 94 Coffee, Au Bon Pain, Starbucks and Umm! ... Milk. Customers can also use the card at supermarkets, including Gourmet Market in both The Emporium and Siam Paragon and Home Fresh Mart. Shoke na Ranong, manager of BBL's Credit Card Division, said for entertainment, the card could be used at EGV Cinemas, The Esplanade Cineplex, Major Bowl Hit, Major Complex, Paragon Cineplex and Nai In Bookshops. BBL is the first bank in Thailand to launch the contactless Blue Wave credit card. To make a purchase, the cardholder just waves the card over a reader and waits for acceptance. The card is bundled with the same features as normal credit cards that require a cardholder's signature when paying for goods and services.
Record $17bn in record IPO from Visa
Visa will put 406 million shares for public sale. Visa said it would sell up to 447.2m shares at between $37 and $42 each.M The company plans to raise raise as much as $17 billion in what would be the biggest U.S. initial public stock offering as the largest credit-card network in the world tries to replicate the success of smaller rival MasterCard Inc. Fifteen banks are arranging Visa's share sale, including JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp. and Citigroup Inc. The stock will list on the New York Stock Exchange under the ticker V. SMART LIVING & INVST. ARTICLES Record $17bn in record IPO from Visa
Rahul Zinta
The company plans to raise raise as much as $17 billion in what would be the biggest U.S. initial public stock offering as the largest credit-card network in the world tries to replicate the success of smaller rival MasterCard Inc.
Heavy ATM user found with more than 200 credit cards
TUCSON, Ariz. -- The arrest of a man using an automated-teller machine in downtown Tucson Saturday afternoon resulted in the recovery of more than 200 credit cards and $176,690 in cash, police said. Marc A. Burton, 20, was being held at the Pima County jail on charges of theft, fraudulent schemes and artifices, aggravated identity theft and theft of a credit card. Shortly after 1 p.m., someone called police to report that a man at the U.S. Bank ATM, was using several credit cards, Tucson police said. The caller said the man then went across the street to a Chase bank ATM and did the same thing. When officers arrived, the man had left the Chase site. However, officers said they found Burton nearby at a Wells Fargo ATM., said Sgt. Fabian Pacheco, a Tucson Police Department spokesman.
Chase Bank Accuses Florida Law Firms of Running Debt-Relief Scam
Chase Bank USA is suing two Coral Springs, Fla., attorneys specializing in reducing consumer debt and South Florida affiliates, claiming they are engaging in blatantly illegal and fraudulent practices. The federal suit filed Friday in Wilmington, Del., accuses Hess Kennedy Chartered, lawyer Laura Hess, Edward Kennedy, affiliated companies and others of using "an unlawful debt elimination scheme" relying on lawsuits challenging valid credit card charges. Attorney Jeffrey Campos of Coral Springs and the Legal Debt Center, which has the same Coral Springs address and suite number as Hess' law firm, also are named as defendants. In addition, attorneys general in Florida, North Carolina and West Virginia are looking into Hess Kennedy's operations, and the Florida Bar has moved to suspend Hess' license.
Visa plans IPO aimed at raising over $18 bln
Visa Inc, the world's biggest electronic payment processing company, announced on Monday that it was planning an initial public offering (IPO) in the United States, saying it hoped to raise over 18 billion dollars. Visa, which processes payments for credit and debit cards, said it plans to offer just over 400,000 shares for public purchase. It expects its shares to be priced at between 37 and 42 dollars per share. The San Francisco-based company said in a statment that it plans to launch its IPO as soon as possible. Investors will be able to purchase shares in Visa from a pool of 447 million shares of Class A stock the company intends to sell. The company has hired a group of well-known investment banks to support its IPO, including Goldman Sachs, JP Morgan and HSBC Securities (USA) Inc.
Credit card scam warning
This one is pretty slick since they provide Y O U with all the information, except the one piece they want. Note, the callers do not ask for your card number; they already have it. This information is worth reading. By understanding how the VISA & MasterCard Telephone Credit Card Scam works, you'll be better prepared to protect yourself. One of our employees was called on Wednesday from “VISA", and I was called on Thursday from “MasterCard". The scam works like this: Person calling says, “This is (name), and I'm calling from the Security and Fraud Department at VISA. My badge number is 12460. Your card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank) did you purchase an Anti-Telemarketing Device for £497.99 from a Marketing company based in London?" When you say “No", the caller continues with, “Then we will be issuing a credit to your account.
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