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Recent Editions
Risk Channel
North America
Visa and Mastercard have announced a settlement with their merchant clients over litigation related to swipe fees when people pay with cards. The deal is the card groups' latest attempt to settle a 20-year dispute with merchants over credit card interchange fees. Under the terms of the proposed settlement, the card companies will cut so-called interchange fees levied to merchants by an average of 0.1 percentage points over five years, and merchants will have the right to decline some higher-cost Visa and Mastercard-branded credit cards and will gain new rights to add surcharges for accepting some cards.
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Risk Channel
UK/Europe
Activists have criticised proposed changes to Europe's landmark privacy law. EU antitrust chief Henna Virkkunen will present the Digital Omnibus, in effect a package of proposals to simplify overlapping legislation including the General Data Protection Regulation, the Artificial Intelligence Act, the e-Privacy Directive and the Data Act, on November 19. Austrian privacy group noyb commented: "The draft Digital Omnibus proposes countless changes to many different articles of the GDPR. In combination this amounts to a death by a thousand cuts." Max Schrems of noyb said: "This would be a massive downgrading of Europeans' privacy 10 years after the GDPR was adopted."
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