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Washington
NEW Fed to consider final interchange rule June 29
WASHINGTON (6/21/11 UPDATED 3:00 p.m. ET)--The Federal Reserve Board today put an end to speculation about when it might issue a final rule to implement a statutory cap on debit card interchange fees and announced the rule will be ready for public comment on Wednesday, June 29. The Fed agenda item is described as: Proposed Governing Debit Card Interchange Fees, the Fraud Prevention Adjustment, Routing and Exclusivity Restrictions and related matters. All eyes have been on the Fed since the Senate voted against imposing a delay on the fee cap rule, which was ordered by last year’s Dodd-Frank Wall Street Reform Act. Dodd-Frank said the Fed must set a cap that is “reasonable and proportionate” and that exempts issuers with less than $10 billion in assets. Credit unions and other card issuers have objected to the Fed’s draft proposal that would have set the cap at 12 cents per transaction. They have voiced concern that such a low fee does not factor in enough costs and could force debit card issuers to charge fees to consumers for the popular debit card service. See the link below to view the Fed’s notice.


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