Saturday, May 25, 2024

Federal Reserve proposes new rule, lower debit card fee cap

The Federal Reserve has proposed a new rule regarding debit card interchange fees earned by banks. The rule would lower the cap on these fees and require a new review process biennially. The cap would also be updated every other year, applying to debit card issuers.

The ABA and other stakeholders will oppose this proposed new rule. To contact the Federal Reserve and oppose the rule, click here.