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New laws targeted at credit card processing sector2008-05-01New legislation introduced by a senator could improve the billing, marketing and disclosure within the credit card processing and payments industry. The Credit Card Accountability, Responsibility and Disclosure Act is targeted at putting an end to practices that may lead to further consumer debt. Senator Chris Dodd, chairman of the senate committee on banking, housing and urban affairs, said the law will stop practices that could be judged "deceptive, misleading and predatory". "When used wisely and on fair terms, credit cards can help families better position themselves to pursue financial goals," he commented, adding that consumers need protection against harmful lending practices. The call follows an investigation into the credit card industry, the outcome of which could be of interest to merchants that accept credit cards. Another set of guidelines which is aimed at protecting consumers is the PCI DSS. Merchants that achieve PCI compliance have agreed to certain measures that are aimed at improving data security.   |
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