Biden Lost In His Own Mind
2022-11-24 15:26:38 UTC
hotair.com
A credit card industry group has approved a plan to track sales of guns and ammo
with a new merchant code
John Sexton
CBS News has a big scoop this afternoon. The industry group that sets
international standards for credit card companies has decided to create a new
code for the purchase of guns and ammo that, while not identifying the exact
purchases, will separate those items from the more generic category they had
been lumped in with previously.
Merchant category codes are made up of four digits and are used across all
sorts of industries as a means to classify retailers, while not revealing
individual product purchases. Credit card companies currently lump firearm
retailers in with other outlets, classifying them as either "5999: Miscellaneous
retail stores" or "5941: Sporting Goods Stores."
With a new code for firearms merchants, potentially suspicious purchasing
patterns could be flagged to law enforcement - much the same way banks and
credit unions made more than 1.4 million suspicious activity reports in 2021 for
other types of transactions that might suggest anything from identity theft to
terrorist financing.
This is part of a plan being pushed by congressional Democrats after Amalgamated
Bank of New York, a progressive bank that often involves itself in social
issues, made repeated attempts to push for the new code, all of which were
denied.
A group of congressional Democrats is urging credit card companies to track
suspect firearm and ammunition purchases as a means to identify and stop gun
crime, according to a letter obtained by CBS News Thursday.
The letter, drafted by Sen. Elizabeth Warren of Massachusetts and Rep.
Madeleine Dean of Pennsylvania and signed by over a dozen of their colleagues,
urges the CEOs of Mastercard, American Express and Visa to back the creation of
a merchant category code for gun and ammunition retailers - a measure the
industry had initially resisted, according to an investigation by CBS News in
June.
"The creation of a new [merchant category code] for gun and ammunition retail
stores would be the first step towards facilitating the collection of valuable
financial data that could help law enforcement in countering the financing of
terrorism efforts," the letter says.
So it looks like the congressional pressure worked. The new code has been
approved but it sounds like Visa is not happy about it even as the CEO of
Amalgamated Bank is celebrating.
In a letter obtained by CBS News, sent by Visa on Wednesday in response to
congressional Democrats who supported the plan, the company said, "We believe
that asking payment networks to serve as a moral authority by deciding which
legal goods can or cannot be purchased sets a dangerous precedent."
Visa wrote, "We understood Amalgamated Bank's request to be justified, at
least in part, by an interest in blocking transactions that would fall under
such a new category, and Visa's rules expressly prohibit blocking of legal
transactions under an MCC.".
"We all have to do our part to stop gun violence," said Priscilla Sims Brown,
President and CEO of Amalgamated Bank. "And it sometimes starts with illegal
purchases of guns and ammunition. The new code will allow us to fully comply
with our duty to report suspicious activity and illegal gun sales to authorities
without blocking or impeding legal gun sales. This action answers the call of
millions of Americans who want safety from gun violence and we are proud to have
led the broad coalition of advocates, shareholders, and elected officials that
achieved this historic outcome."
Priscilla Sims Brown recently appeared on CNBC where she was asked about her
effort to push the new category code for guns. "If we did have a merchant code
for gun stores we could detect patterns that would indicate that there had been
something unusual going on," Brown said. She says all the banks will do is file
a suspicious activity report at which point it would be up to local or federal
law enforcement to act on those reports (she wasn't very clear about who would
be doing the follow up).
If that's so, why is Visa concerned about attempts to block transactions using
these codes? I just checked and so far Elizabeth Warren hasn't posted any tweets
celebrating this outcome. She'll probably get around to it this weekend.
https://hotair.com/john-s-2/2022/09/09/the-credit-card-industry-has-approved-a-plan-to-track-sales-of-guns-and-ammo-n495512
Stupidity and alarming.A credit card industry group has approved a plan to track sales of guns and ammo
with a new merchant code
John Sexton
CBS News has a big scoop this afternoon. The industry group that sets
international standards for credit card companies has decided to create a new
code for the purchase of guns and ammo that, while not identifying the exact
purchases, will separate those items from the more generic category they had
been lumped in with previously.
Merchant category codes are made up of four digits and are used across all
sorts of industries as a means to classify retailers, while not revealing
individual product purchases. Credit card companies currently lump firearm
retailers in with other outlets, classifying them as either "5999: Miscellaneous
retail stores" or "5941: Sporting Goods Stores."
With a new code for firearms merchants, potentially suspicious purchasing
patterns could be flagged to law enforcement - much the same way banks and
credit unions made more than 1.4 million suspicious activity reports in 2021 for
other types of transactions that might suggest anything from identity theft to
terrorist financing.
This is part of a plan being pushed by congressional Democrats after Amalgamated
Bank of New York, a progressive bank that often involves itself in social
issues, made repeated attempts to push for the new code, all of which were
denied.
A group of congressional Democrats is urging credit card companies to track
suspect firearm and ammunition purchases as a means to identify and stop gun
crime, according to a letter obtained by CBS News Thursday.
The letter, drafted by Sen. Elizabeth Warren of Massachusetts and Rep.
Madeleine Dean of Pennsylvania and signed by over a dozen of their colleagues,
urges the CEOs of Mastercard, American Express and Visa to back the creation of
a merchant category code for gun and ammunition retailers - a measure the
industry had initially resisted, according to an investigation by CBS News in
June.
"The creation of a new [merchant category code] for gun and ammunition retail
stores would be the first step towards facilitating the collection of valuable
financial data that could help law enforcement in countering the financing of
terrorism efforts," the letter says.
So it looks like the congressional pressure worked. The new code has been
approved but it sounds like Visa is not happy about it even as the CEO of
Amalgamated Bank is celebrating.
In a letter obtained by CBS News, sent by Visa on Wednesday in response to
congressional Democrats who supported the plan, the company said, "We believe
that asking payment networks to serve as a moral authority by deciding which
legal goods can or cannot be purchased sets a dangerous precedent."
Visa wrote, "We understood Amalgamated Bank's request to be justified, at
least in part, by an interest in blocking transactions that would fall under
such a new category, and Visa's rules expressly prohibit blocking of legal
transactions under an MCC.".
"We all have to do our part to stop gun violence," said Priscilla Sims Brown,
President and CEO of Amalgamated Bank. "And it sometimes starts with illegal
purchases of guns and ammunition. The new code will allow us to fully comply
with our duty to report suspicious activity and illegal gun sales to authorities
without blocking or impeding legal gun sales. This action answers the call of
millions of Americans who want safety from gun violence and we are proud to have
led the broad coalition of advocates, shareholders, and elected officials that
achieved this historic outcome."
Priscilla Sims Brown recently appeared on CNBC where she was asked about her
effort to push the new category code for guns. "If we did have a merchant code
for gun stores we could detect patterns that would indicate that there had been
something unusual going on," Brown said. She says all the banks will do is file
a suspicious activity report at which point it would be up to local or federal
law enforcement to act on those reports (she wasn't very clear about who would
be doing the follow up).
If that's so, why is Visa concerned about attempts to block transactions using
these codes? I just checked and so far Elizabeth Warren hasn't posted any tweets
celebrating this outcome. She'll probably get around to it this weekend.
https://hotair.com/john-s-2/2022/09/09/the-credit-card-industry-has-approved-a-plan-to-track-sales-of-guns-and-ammo-n495512
This is yet another attack on law abiding citizens and their
privacy.
Criminals don't use credit cards to purchase firearms and
ammunition. It's cash and carry - unless they are Democrat
stupid.