• The New York Times reports that Mastercard has instructed financial institutions throughout the US "to stop allowing purchases of cannabis on its debit cards, stripping customers of a convenient way to purchase marijuana without cash … Because federal law prohibits the sale, possession and use of marijuana in all its forms, Mastercard said that purchases were not allowed on its systems, even when customers use bank cards and PINs to access their own cash to buy cannabis in states where the drug is legal for recreational or medical reasons."
"Medical marijuana is legal in 38 states, three territories and the District of Columbia," the Times notes. "Recreational use of the drug is legal in 23 states, two territories and the District of Columbia."
The move by Mastercard was decried by cannabis businesses. The Times writes that these businesses say the "decision will increase the risk of robbery and violent crime … Because most big banks and credit card providers will not work with marijuana businesses, many operate by cash only, making them targets for a growing number of robberies, particularly when transporting large amounts of cash for deposit."
• CNBC reports on how "a bipartisan push in Washington to clamp down on credit card fees is pitting retailers against network payment processors — and both sides are working hard to gain the attention of consumers.
"The Credit Card Competition Act was reintroduced last month in both the House and the Senate, after not being brought up for a vote in either chamber during the previous Congress. The measure aims to bolster competition for credit card processing networks by requiring big banks to allow at least one network that isn’t Visa or Mastercard to be used for their cards. This would give merchants who pay interchange fees a choice they otherwise rarely get."
However, "major credit card processing networks like Visa, Mastercard, Discover and Capital One say the bill will actually hurt consumers by diminishing popular credit card rewards programs and lessening fraud protections."
CNBC writes that "bipartisan support for the bill has surged since it was introduced last year. As of now, there is no vote scheduled on the measure in either chamber of Congress, but there are indications a vote could come by year-end."
• From the Associated Press:
"The US government wants to raise the fuel economy of new vehicles 18 percent by the 2032 model year so the fleet would average about 43.5 miles per gallon in real world driving.
"The proposed numbers were released Friday by the National Highway Traffic Safety Administration, which eventually will adopt final mileage requirements.
Currently the fleet of new vehicles must average 36.75 miles per gallon by 2026 under corporate average fuel economy standards adopted by the administration of President Biden, who reversed a rollback made by former president Donald Trump.
"The highway safety agency says it will try to line up its regulations so they match the Environmental Protection Agency’s reductions in greenhouse gas emissions. But if there are discrepancies, automakers likely will have to follow the most stringent regulation."
