Elizabeth Warren urges banks to create new regulations for gun retailers

[Sam7sf]

I have come to enjoy people being assholes so long as they mean to get something done. Trump got a lot done. Yup...He wasn't gun friendly. Thing is being a single issue voter isn't going to put money in our wallets. Bump stock ban or this market Joe has Jake The Snake DDT'ed?

I only voted for Trump in 2016 because he triggered so many people. Anyone that challenges peoples understanding of the first amendment like he did, should be in office, and I hope people are offended! I hope they can't sleep because of it.

 

[PDiddy]

Yep, mine did that. After grandma passed, grandpa moved in with us. When we were cleaning out the house to ready it for sale, we found $10 and $20 bills everywhere. In pockets of clothes, tucked behind food in the pantry, folded in with sheets and towels. It was a treasure hunt, and I’m sure there’s no way we found everything. I was just a kid then, but I remember Pop saying they found several thousand dollars. It took a long time to go through everything because every towel, sheet and garment had to be checked. This was about 40 years ago.

When my grandfather died, my mom and her sisters found $86,000 in hundreds in the walls…

The cash prices have just gone up.

I was thinking the same thing. Used gun private sales too.

 

[Bozz10mm]

 

[mroper]

While I don't like it. There are lots of merchant codes out there already. Pawn shops, sporting goods stores etc.

https://www.citibank.com/tts/solutions/commercial-cards/assets/docs/govt/Merchant-Category-Codes.pdf

Now If they start supply the list to gov that is a different story. That seems like an invasion of privacy and would seem to go against Payment Card Industry Rules. PCI basically makes all the rules that card holders and card acceptors have to follow.

 

[TX OMFS]

Been reading about this today. I haven't seen anything about a firm date the policy goes into effect. Also seems that Discover Card is not down with this arrangement (so far).

Anyone seen an implementation date? Is it already live?

 

[Tnhawk]

Why is everything Trumps fault?

Because liberals have taught us that we don't need to take responsibility for anything, to include every thought or action.

 

[mroper]

It would seem the way to avoid this is purchase at a sporting good store. It is doubtful they will change their merchant code for different purchases. Another hit to the small bus. owner or if you must use a credit card use visa gift cards with no name attached to them or of course pay cash.

 

[Tnhawk]

Pocahontas needs to FO already.

Why does this liberal reject think banks should be collecting information on customers affairs and reporting it to the government?

BTW my greyhounds are equal or higher percentage indian than she is.

 

[popsgarland]

Because liberals have taught SOME OF us that we don't need to take responsibility for anything, to include every thought or action.

FIFY

 

[DougC]

And the NRA has weighed in,
"The ISO's decision to create a firearm specific code is nothing more than a capitulation to anti-gun politicians and activists bent on eroding the rights of law-abiding Americans one transaction at a time," a spokesman for the National Rifle Association said in a statement Sunday."

 

[leVieux]

We have to regain a senate majority.

Dang Trump for having cost us the two Georgia seats.

With “Mitch the BITCH“ still running the Senate ? Useless POS !

 

[Grumps21]

So, any info on when this will take effect? Would be nice to know if there’s some sort of ramp up period. I’m guessing we might have a week or two??

 

[TX OMFS]

So, any info on when this will take effect? Would be nice to know if there’s some sort of ramp up period. I’m guessing we might have a week or two??

That's what I'm hoping. Haven't found anything about the implementation date yet.

 

[mroper]

even after visa/mc implements it, All the specific vendors have to change the merchant code in their system. I suggest it will be months before that happens. If the card reader is sending that info then the software or firmware on the devices would need to be updated.

 

[Axxe55]

even after visa/mc implements it, All the specific vendors have to change the merchant code in their system. I suggest it will be months before that happens. If the card reader is sending that info then the software or firmware on the devices would need to be updated.

So this may fall back to whether the retailers decide to change their merchant codes?

 

[Southpaw]

So, any info on when this will take effect? Would be nice to know if there’s some sort of ramp up period. I’m guessing we might have a week or two??

This seems to have been more of an election year stunt for the likes of the anti-gun politicos and lobby to say, "Look at what we did!", rather then anything that will actually matter. Could it be further weaponized in the future? Possibly. But for now the new code will not differentiate between a gun or a gun control bumper sticker you bought at a store required to use the code.

Visa looks to have come out and clarified that, perhaps after realizing that to truly implement such a scheme, they would be liable for some serious civil litigation in the future. Or maybe they think they could have their cake and eat it too. Shutting up the incessant nagging of the under sexed housewives by creating a new code for "gun stores" and then later in some obscurely titled public blog post a statement stating that the new code really won't track gun sales after all. Who knows?

Either way, it is interesting, but not surprising how every news outlet were screaming from the rooftops of how this was going to track firearms purchases and flag "suspicious" sales, blah, blah, blah.... But besides Visa's blog post, there is only one article on any of those same news channels stating Visa's clarification stating that in fact the code will not differentiate a firearm sale from anything else sold in the same place.

Protecting legal commerce

usa.visa.com

MCCs do not give Visa or any other payment network visibility into product-level data, also known as “SKU-level” data. When we process a transaction, we have no visibility into what items a consumer is purchasing — this is true irrespective of which MCC applies to a merchant.


We do not believe private companies should serve as moral arbiters. Asking private companies to decide what legal products or services can or cannot be bought and from what store sets a dangerous precedent. Further, it would be an invasion of consumers’ privacy for banks and payment networks to know each of our most personal purchasing habits. Visa is firmly against this.



The one MSM article about the statement above....

Visa Warns Merchant Codes Won’t Show Customer Gun Purchases

www.bloomberg.com

 

[Sam75022]

Proud to be living in texas?

Citigroup Snubbed on Muni Deal Over Gun Law, Costing Texas City $277,334

www.bloomberg.com

 

[DoubleDuty]

Its more feelgood political pandering. And nothing but a lie as to it stopping any mass shooter.

 

[TheDan]

I believe this was the first one.

Elizabeth Warren urges banks to create new regulations for gun retailers

when does this end. Next regulations will be to ban cash sales on guns? https://www.washingtonexaminer.com/news/elizabeth-warren-urges-bank-ceos-adopt-code-gun-retailers

www.texasguntalk.com

Rolling it up into this thread made me miss it. IMO the Visa/MC issue is separate from Focahontas's gum flapping. Read about it elsewhere first.

 

[TheDan]

MCCs do not give Visa or any other payment network visibility into product-level data, also known as “SKU-level” data.

Hey that's great. So if I buy something from Bud's they don't specifically know that it was a gun. Maybe I was just buying an $800 hat...

They're still tracking the merchant type.