Interchange Fees

News & Analysis as of

UK Payment Systems Regulator Consults on Application of Interchange Fee Regulation in the UK

The UK Payment Systems Regulator published a consultation paper on the application of provisions in the Interchange Fee Regulation, which take effect in the UK from June 9, 2016. The IFR sets a limit on interchange fees on...more

The Economist Frames the Argument Against Excessive Bank Regulation (somewhat unintentionally)

On March 26, 2016, The Economist published an article entitled “The Problem with Profits.” That article discussed the high profitability of U.S. firms and why that seemingly positive fact is actually harmful to the overall...more

UK Financial Regulatory Developments - April 2016 #1

Basel Committee updates Basel III monitoring FAQs - The Basel Committee has published an updated version of its Basel III monitoring FAQs, including new questions on the “DefCap” worksheet, large exposures and the...more

UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps

On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more

UK Payment Systems Regulator Final Guidance on Application of EU Interchange Fee Regulation

The UK Payment Systems Regulator published its final Guidance on the application of the EU Interchange Fee Regulation. The IFR, which is directly applicable across the EU, applies to payment card schemes, issuing and...more

Payment Systems Regulator Issues Final Guidance On Its Approach To The Interchange Fees Regulation

The UK’s Payment Systems Regulator (PSR) has published its final “Guidance on [its] approach as a competent authority for the EU Interchange Fee[s] Regulation“. This guidance explains how the PSR will monitor and enforce the...more

PSR consults on regulatory fees

PSR is consulting on setting its regulatory fees for the next year. Its costs will be divided between its roles under the Financial Services (Banking Reform) Act (FSBRA) and the EU Interchange Fees Regulation (IFR). PSR is...more

Blog: EBA Consultation On The Separation Of Payment Card Schemes & Processing Entities

The European Banking Authority has published a consultation paper (CP) and some draft regulatory technical standards (RTS) on the separation of payment card schemes and processing entities, under article 7(6) of the...more

PSR consults on Interchange Fee Regulation guidance

PSR has issued a consultation on its proposed guidance for the application of the Interchange Fee Regulation in the UK. The consultation and accompanying draft guidance explain how PSR, as lead UK regulator, will monitor...more

PSR releases IFR information requests

PSR has published the information requests sent in relation to the Interchange Fee Regulation (IFR). Requests have gone to American Express, Diners Club International, JCB International, MasterCard, UnionPay International and...more

Treasury publishes card fees response

Treasury has published the government’s final approach to implementing the Interchange Fee Regulation, following its consultation on rules to cap the fees charged by banks to their business customers for processing credit and...more

Federal Reserve Board Issues Clarification on Treatment of Transactions-Monitoring Costs Under Regulation II

On August 14, 2015, the Board of Governors of the Federal Reserve System (the Board) published a clarification (the Clarification) of the Board’s decision to include transactions-monitoring costs in establishing the 21-cent...more

Federal Reserve Issues Clarification of Debit Card Interchange Rule in Response to Court Action

On August 10, the Board of Governors of the Federal Reserve System (Board) clarified Regulation II (Debit Card Interchange Fees and Routing) regarding the inclusion of transaction-monitoring costs in the interchange fee...more

With Cert Denial, Fed’s Interchange Rules Will Stand

Why it matters - With the U.S. Supreme Court’s denial of certiorari, the Board of Governors of the Federal Reserve Board’s interchange rules will stand. The justices declined to hear an appeal from retailers without...more

Orrick's Financial Industry Week in Review

ECON Votes in Favor of the MIF Regulation - On January 27, the Economic and Monetary Affairs Committee ("ECON") released a press release stating that it had voted in favour of the proposed Regulation on multilateral...more

ECON Votes in Favor of the MIF Regulation

On January 27, the Economic and Monetary Affairs Committee (“ECON”) released a press release stating that it had voted in favour of the proposed Regulation on multilateral interchange fees (“MIF Regulation”). This vote...more

Alert: The Proposed Regulation on Interchange Fees for Card-Based Payment Transactions

"Payment cards are the most frequently used electronic payment instrument for retail purchases. However, integration of the [European] Union [(EU)] payment card market is far from complete as many payment solutions cannot...more

Financial Services Weekly News Roundup - January 2015 #3

Editor’s Note - The Supreme Court Halts Challenge by Retailers to the Debit Card Interchange Fee Rules: On January 20, 2015, the Supreme Court denied certiorari to a challenge by retailers to debit card interchange fee...more

Interchange Fee Battle Comes to an End

The United States Supreme Court has denied a petition for a writ of certiorari in NACS, fka National Association of Convenience Stores, et al., v. Board of Governors of the Federal Reserve System. The denial effectively ends...more

Merchants Ask Supreme Court to Consider Interchange Fees

A coalition of merchants and retailers has requested that the U.S. Supreme Court weigh in on interchange fees. In March, the D.C. Circuit Court of Appeals upheld the rules promulgated by the Board of Governors of the...more

Federal Reserve Board Reports On Prepaid Cards, Domestic Payments

Recently, the Federal Reserve Board released two payments-related reports: (i) a report to Congress on government-administered general use prepaid cards; and (ii) a detailed report on the Federal Reserve’s 2013 payments...more

D.C. Circuit Appellate Court Overturns Lower Court Decision on FRB’s Interchange Fee Rule

On March 21, 2014, a panel of the United States Court of Appeals for the District of Columbia Circuit issued its decision in the highly anticipated case relating to debit card interchange and exclusivity, NACS v. Board of...more

Bankers Win Latest Interchange Battle

The U.S. Court of Appeals for the District of Columbia Circuit recently reversed a lower court decision and upheld the interchange rules adopted by the Federal Reserve Board (FRB) under the so-called Durbin Amendment to the...more

Court Approves $7.25 Billion Settlement of Antitrust Class Action Relating to Visa and MasterCard Interchange Fees

In the face of objections from some of the nation’s largest retailers, a New York federal judge has approved a massive settlement between a putative class of approximately 12 million merchants and Visa, MasterCard, and...more

Federal District Court Gives Federal Reserve Deadline To Decide Interchange Fee Rule

On August 14, the U.S. District Court for the District of Columbia reportedly gave the Federal Reserve Board (FRB) one week to determine whether it will write an interim final rule to replace the interchange fee rule recently...more

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