News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act Debit Cards

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Venable LLP

Supreme Court Broadens Statute of Limitations for Challenges to Federal Regulations

Venable LLP on

In the last of a series of watershed opinions this term that curtail federal agency power, the Supreme Court in Corner Post, Inc. v. Board of Governors of the Federal Reserve System has ruled (6-3) that the statute of...more

BCLP

Lower Debit Card Fees for Merchants

BCLP on

The Federal Reserve Board (“FRB”) proposes to lower fees for debit card purchases. The FRB announced proposed rulemaking to reset its Durbin Amendment cap on interchange fees to 17.7 cents on an average transaction from 24.5...more

Ballard Spahr LLP

Federal Reserve Considering Lowering Debit Card Interchange Fee Caps (UPDATED)

Ballard Spahr LLP on

As we previously blogged, the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the...more

Cadwalader, Wickersham & Taft LLP

Federal Reserve Board Proposes Adjusting Debit Interchange Caps in Accordance with the Durbin Amendment

The Federal Reserve Board announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the Dodd-Frank Act....more

Orrick, Herrington & Sutcliffe LLP

Fed seeks comment on lowering the interchange fee for debit card issuers

On October 25, the Fed announced a proposed rule that would lower the maximum interchange fee that a debit card issuer with at least $10 billion in total consolidated assets can receive for a debit card transaction and would...more

Troutman Pepper

Fed Considering Revisions to Debit Interchange Fee Cap

Troutman Pepper on

On October 16, the Federal Reserve Board (Fed) published a notice of an Open Board Meeting to take place on October 25. The only matter under consideration at that meeting will be the Fed’s proposed revisions to the debit...more

Troutman Pepper

Federal Reserve Finalizes Rule Eliminating Exclusive Debit Card Networks for E-Commerce

Troutman Pepper on

On October 3, the Federal Reserve Board (Fed) finalized amendments to Regulation II, the implementing regulation for the Durbin Amendment, now requiring debit card issuers to provide at least two unaffiliated payment card...more

Cozen O'Connor

FTC Supports Increasing Competition Among Debit Card Processors

Cozen O'Connor on

The Federal Trade Commission (“FTC”) sent a comment to the Board of Governors of the Federal Reserve System (“Fed”) urging the Fed to strengthen implementation of debit-card fees and routing reforms to the Electronic Fund...more

Fox Rothschild LLP

Debit Card Swipe Fees Only Hurdle to Dodd-Frank Repeal?

Fox Rothschild LLP on

Respecting a issue of great importance to the franchise community, Bloomberg Law this morning is reporting that repealing a cap on debit card transaction fees is the only issue holding up an otherwise unified Republican bill...more

Manatt, Phelps & Phillips, LLP

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

Ballard Spahr LLP

Federal Court Declares Debit Card Interchange Fee Rule Provisions Invalid

Ballard Spahr LLP on

A Washington, D.C., federal district court has declared that the interchange fee and network non-exclusivity provisions of the Federal Reserve Board’s final debit card interchange fee rule are invalid....more

Spilman Thomas & Battle, PLLC

Highlights of the Future of Community Banking Symposium

On May 1, 2013, Spilman Thomas & Battle, PLLC, in conjunction with the North Carolina Bankers Association, held The Future of Community Banking Symposium in Greensboro, N.C. It was a day-long discussion of the issues facing...more

Stinson - Corporate & Securities Law Blog

Fed Issues Study On Interchange Fees For Smaller Debit Card Issuers

The Dodd-Frank Act exempted small debit card issuers from the interchange fee standard set forth in the regulations which were adopted, but not from the statute’s prohibition on network exclusivity....more

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