Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
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
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
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
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
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
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
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
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
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
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
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
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