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Visa Faces Antitrust Lawsuit, Record Credit Union Mergers, TowneBank's Expansion, and Mastercard's AI Fraud Solutions
Manage episode 441703811 series 3586686
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The Justice Department filed a lawsuit against Visa Tuesday, accusing the company of maintaining an illegal monopoly in the debit-card market through restrictive tactics and inflated fees.
ESL Federal Credit Union plans to acquire Generations Bancorp, setting a record for credit union-bank mergers. TowneBank also announced its acquisition of Village Bank for $120 million, aiming to expand its presence in Richmond.
Visa has launched new AI-powered tools in its dispute processing platform to help merchants manage disputes more efficiently as dispute volumes surged 50% since 2019. Across the pond, Mastercard introduced AI-driven protections to combat real-time payment scams in the UK, ahead of new regulations requiring banks to reimburse fraud victims.
In legislative news, U.S. Senators introduced the AI Civil Rights Act to prohibit algorithmic discrimination and grant consumers the right to human-made decisions.
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