Federal Reserve Board releases proposed regulations governing debit card interchange fees and debit network fees.
On , President Obama signed into law the Dodd-Frank Wall Street Reform & Consumer Protection Act. Section 1075 of the Act, also known as the Durbin Amendment, requires the Federal Reserve Board (FRB) to implement regulations relating to debit interchange, debit networks, and merchant routing and acceptance of debit transactions.
On , the Board of Governors of the Federal Reserve System (the Fed) voted to publicly release the first round of proposed regulations mandated by Section 1075. The proposed regulations offer the first glimpse into the Fed’s thinkng on how to implement it.
Public and industry participants have been provided a designated period of time to comment on and respond to the Fed’s draft regulations. Click the link below for more information about the proposed regulations in this Special Edition – Regulatory Update brought to you by First Data’ public affairs team.
The information contained herein is not intended to be a comprehensive analysis of issues that may impact your business, nor should it be construed as legal advice. Specific questions on how it may impact your products and services should be directed to your legal counsel.