Federal Reserve Final Rule on Interchange Fees and Routing Provisions
Summary on Final Rule: The rule sets a cap of 21 cents on debit card transactions plus five basis points to allow for fraud losses, significantly higher than the 12 cent cap initially set forth by the Federal Reserve in its December proposed rule.
Federal Reserve Issues an Interim Final Rule on Fraud-Related Provisions
Summary of IFR: “The provisions allow an issuer to receive an adjustment of 1 cent to its interchange transaction fee if the issuer develops, implements, and updates policies and procedures reasonably designed to identify and prevent fraudulent electronic debit transactions”
Passage of Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203)
Initial Senate Vote on the Durbin Amendment (May 13, 2010)
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