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NewsBriefs

The Fed's new proposal aims to further reduce interchange spent while promoting community support and content
fees, potentially leading to increased bank account fees for that uplifts. With a revenue-sharing model and focus on
consumers. Bourke suggested that consumers may face an user protection, WeAre8 seeks to inspire positive offline
extra $1.3 billion to $2 billion annually in higher bank fees engagement and economic empowerment among users.
if the proposal goes through, with interchange fee reve-
nues dropping by $3 billion annually, prompting banks NY mandates more 'transparency' in surcharging
to adopt higher account fees and raise minimum account New York merchants must now disclose total product
balances, which would affect consumers across the board. costs, including credit card surcharges, before checkout,

Screen time goes prime in public, private sectors as per a state law effective Feb. 11, 2024. The law allows
displaying inclusive prices on items or shelves or sepa-
Capitol Hill's attention remains on safeguarding children rate prices for cash and credit card payments. Surcharges
from social media harms following the January 2024 Sen- cannot exceed the merchant's processing fees. Violating
ate Judiciary hearings with major tech executives. Over merchants face $500 penalties per violation. Secretary of
the past year, policymakers have introduced bipartisan State Robert Rodrigues maintains that the law promotes
legislation to tackle the issue comprehensively. This in- transparency. In 2017, New York's anti-surcharge law was
cludes the STOP CSAM Act, EARN IT Act, SHIELD Act, deemed unconstitutional by the U.S. Supreme Court,
Project Safe Childhood Act, and REPORT Act, aimed at prompting a refinement to ensure compliance with mer-
enhancing online platform accountability and transparen- chants' free speech rights.
cy, combating exploitation, and modernizing investigation
and prosecution of online crimes against children. Connecticut, Massachusetts, and Maine laws also address
credit card surcharges, while Kansas and Texas have seen
Meanwhile, the surge in social media usage during the their surcharging laws declared unconstitutional. Accord-
pandemic, as noted by industry experts Allen Kopelman ing to legal analysis by Bass Berry & Sims, merchants must
and Sue Fennessy, underscores concerns about addiction navigate state-specific requirements for surcharge presen-
and societal damage. Fennessy's solution, the WeAre8 app, tation, reflecting a broader trend of nuanced regulation in
offers a novel approach by rewarding users for their time this area.

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