Debit Card Interchange Fees and Routing
Primary source
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Issuing agencies
Abstract
On May 13, 2021, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a proposal to amend Regulation II to clarify that the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions, clarify the requirements that Regulation II imposes on debit card issuers to ensure that at least two unaffiliated payment card networks have been enabled for debit card transactions, and standardize and clarify the use of certain terminology. The proposal provided for a comment period ending on July 12, 2021. The Board is extending the comment period for 30 days, until August 11, 2021.
Full Text
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<title>Federal Register, Volume 86 Issue 123 (Wednesday, June 30, 2021)</title>
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[Federal Register Volume 86, Number 123 (Wednesday, June 30, 2021)]
[Proposed Rules]
[Pages 34644-34645]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13533]
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FEDERAL RESERVE SYSTEM
12 CFR Part 235
[Regulation II; Docket No. R-1748]
RIN 7100-AG15
Debit Card Interchange Fees and Routing
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of proposed rulemaking; extension of comment period.
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SUMMARY: On May 13, 2021, the Board of Governors of the Federal Reserve
System (Board) published in the Federal Register a proposal to amend
Regulation II to clarify that the requirement that each debit card
transaction must be able to be processed on at least two unaffiliated
payment card networks applies to card-not-present transactions, clarify
the requirements that Regulation II imposes on debit card issuers to
ensure that at least two unaffiliated payment card networks have been
enabled for debit card transactions, and standardize and clarify the
use of certain terminology. The proposal provided for a comment period
ending on July 12, 2021. The Board is extending the comment period for
30 days, until August 11, 2021.
DATES: The comment period for the notice of proposed rulemaking
published on May 13, 2021 (86 FR 26189), is extended. Comments must be
received by August 11, 2021.
ADDRESSES: You may submit comments by any of the methods identified in
the proposal.
FOR FURTHER INFORMATION CONTACT: Jess Cheng, Senior Counsel (202-452-
2309), Legal Division; or Krzysztof Wozniak, Manager (202-452-3878),
Elena Falcettoni, Economist (202-452-2528), or Larkin Turman, Financial
Institution and Policy Analyst (202-452-2388), Division of Reserve Bank
Operations and Payment Systems. Users of Telecommunication Device for
Deaf (TDD) only, call (202) 263-4869.
SUPPLEMENTARY INFORMATION: On May 13, 2021, the Board of Governors of
the Federal Reserve System (Board) published in the Federal Register a
proposal to amend Regulation II to
[[Page 34645]]
clarify that the requirement that each debit card transaction must be
able to be processed on at least two unaffiliated payment card networks
applies to card-not-present transactions, clarify the requirements that
Regulation II imposes on debit card issuers to ensure that at least two
unaffiliated payment card networks have been enabled for debit card
transactions, and standardize and clarify the use of certain
terminology.\1\
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\1\ 86 FR 26189 (May 13, 2021).
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The proposal provided for a comment period ending on July 12, 2021.
Since the publication of the proposal, the Board has received comments
requesting a 30-day extension of the comment period. An extension of
the comment period will provide additional opportunity for interested
parties to analyze the proposal and prepare and submit comments.
Therefore, the Board is extending the end of the comment period for the
proposal from July 12, 2021 to August 11, 2021.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2021-13533 Filed 6-29-21; 8:45 am]
BILLING CODE P
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</html>This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.