FINANCE

House approves financial reform bill that includes regulation on swipe fees

BY CSA STAFF

Washington, D.C. The U.S. House of Representatives on Wednesday voted to pass the reconciled financial reform bill, which includes a provision to regulate debit-card interchange fees. However, a Senate vote was delayed until mid-July.

The House voted 237-192 to approve the conference report to H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, which seeks to prevent the type of banking failures that occurred in 2008. The legislation also introduces regulatory oversight of interchange fees. The Senate is not expected to vote on the bill until after it returns on July 12, according to reports.

“RILA [Retail Industry Leaders Association] applauds the U.S. House of Representatives for standing up to big bank interests by passing meaningful reforms, which will benefit Main Street merchants and consumers,” commented John Emling, senior VP for government affairs, RILA. “By focusing narrowly on financial institutions at that heart of the problem, the swipe fee reforms included in the Dodd-Frank Act address the out-of-control fees, while excluding smaller banks and credit unions from reforms.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

NCR expands Blockbuster Express kiosks in the South

BY CSA STAFF

DULUTH, Ga. NCR Corp. announced the expansion of its Blockbuster Express-branded DVD kiosks in Tennessee and the mid-South with a deployment at Mapco Express convenience stores.

Mapco Express currently operates more than 400 locations in nine states across the Southeast.

 

“Mapco Express customers throughout the southern United States will now have quality entertainment choices available to them at any hour of the day,” said Alex Camara, Vp and general manager, NCR Entertainment. “Convenience stores across the country are recognizing that conveniently-located Blockbuster Express kiosks improve the everyday shopping experience of customers.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Cautiously, Lowe’s chief looks ahead

BY CSA STAFF

What’s it going to take for a robust recovery in the home improvement industry? According to Lowe’s CEO Robert Nibllock, two things — home prices must bottom and the job market must improve. When is that likely to happen? Next year, “in all likelihood,” he said.

Niblock made his remarks at the recent Jefferies & Co. Global Consumer Conference in Nantucket, Mass., where he told investors that the company is beginning to see some encouraging signs. Not only did the first quarter present the first positive comp-store number in 15 quarters, he also pointed out that 21 of the company’s 23 regions had positive comps. Gulf coast regions facing difficult comparisons with quarters bolstered by hurricane-related spending were the only exceptions, he said.

The second quarter of 2010, however, won’t have the twin benefits of Cash for Appliances program or the Homebuyer Tax Credit, which expired April 30. And one other thing: the first quarter had ideal weather for home improvement retailing.

 

“We still think that there’s some headwinds out there that make us cautiously optimistic as we look over the balance of the year. Particularly, we think consumers are closely monitoring housing value trends, as well as the employment landscape,” Niblock said.

 

Niblock and his team have studying consumer patterns very carefully in this year of transition, and the overall picture looks better than last year.  “We think overall, as we look out into the future, consumers are less cautious than they were previously for the U.S. economic outlook,” he said. “I think they believe that the worst of the financial crisis and the impact of the recession that we’ve been through is behind them, but they still know that we’re not out of the woods yet.”

 

Cost containment will play a major role in the success of the company during the transition year — and the company’s new (rolled out in the third quarter) Facilities Servie Associate (FSA) positions are designed to provide an in-house alternative to outsourced facility management. “We decided that by hiring our own dedicated person, doing ti in-house versus outsourcing it on a contract basis, we could get better executing, quicker response to issues that take place and ultimately a lower cost.”

Next year, the company intends to reap benefits from what it calls its Integrated Planning and Execution (IP&E) — enhanced product assortment and replenishment systems — “to make sure that we improve our local assortments and make very sure that we have the right product in the right market at the right time.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...