Proposed Rule2024-01612
Debit Card Interchange Fees and Routing; Extension of Comment Period
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 29, 2024
Effective
November 14, 2023
Issuing agencies
Federal Reserve System
Abstract
On November 14, 2023, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a proposal that would update all three components of Regulation II's interchange fee cap based on the latest data reported to the Board by large debit card issuers, update the interchange fee cap every other year going forward by directly linking the interchange fee cap to data from the Board's biennial survey of large debit card issuers, and implement a set of technical revisions to the regulation. The proposal provided for a comment period ending on February 12, 2024. The Board is extending the comment period for 90 days, until May 12, 2024. Further, additional data concerning the proposed new methodology for determining the base component of the interchange fee cap are being made available on the Board's website.
Full Text
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<title>Federal Register, Volume 89 Issue 19 (Monday, January 29, 2024)</title>
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[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Proposed Rules]
[Page 5438]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01612]
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 /
Proposed Rules
[[Page 5438]]
FEDERAL RESERVE SYSTEM
12 CFR Part 235
[Regulation II; Docket No. R-1818]
RIN 7100-AG67
Debit Card Interchange Fees and Routing; Extension of Comment
Period
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of proposed rulemaking; extension of comment period.
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SUMMARY: On November 14, 2023, the Board of Governors of the Federal
Reserve System (Board) published in the Federal Register a proposal
that would update all three components of Regulation II's interchange
fee cap based on the latest data reported to the Board by large debit
card issuers, update the interchange fee cap every other year going
forward by directly linking the interchange fee cap to data from the
Board's biennial survey of large debit card issuers, and implement a
set of technical revisions to the regulation. The proposal provided for
a comment period ending on February 12, 2024. The Board is extending
the comment period for 90 days, until May 12, 2024. Further, additional
data concerning the proposed new methodology for determining the base
component of the interchange fee cap are being made available on the
Board's website.
DATES: The comment period for the proposed rulemaking published on
November 14, 2023 (88 FR 78100) is extended. Comments must be received
by May 12, 2024.
ADDRESSES: You may submit comments by any of the methods identified in
the proposal.
FOR FURTHER INFORMATION CONTACT: Benjamin Snodgrass, Senior Counsel
(202-263-4877) or Cody Gaffney, Senior Attorney (202-452-2674), Legal
Division; or Krzysztof Wozniak, Section Chief (202-452-3878) or Elena
Falcettoni, Senior Economist (202-452-2528), Division of Reserve Bank
Operations and Payment Systems. For users of TTY-TRS, please call 711
from any telephone, anywhere in the United States or (202) 263-4869.
SUPPLEMENTARY INFORMATION: On November 14, 2023, the Board published in
the Federal Register a proposal that would update all three components
of Regulation II's interchange fee cap based on the latest data
reported to the Board by large debit card issuers, update the
interchange fee cap every other year going forward by directly linking
the interchange fee cap to data from the Board's biennial survey of
large debit card issuers, and implement a set of technical revisions to
the regulation.\1\
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\1\ 88 FR 78100 (Nov. 14, 2023).
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The proposal provided for a comment period ending on February 12,
2024. Since the publication of the proposal, multiple commenters have
requested that the Board extend the comment period, while one commenter
has expressed opposition to any extension. An extension of the comment
period will provide additional opportunity for interested parties to
consider the proposal and prepare comments. Therefore, the Board is
extending the end of the comment period for the proposal from February
12, 2024, to May 12, 2024.
In addition, to assist the public in commenting on the proposed new
methodology for determining the base component of the interchange fee
cap, additional data concerning this aspect of the proposal are being
made available on the Board's website.\2\
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\2\ The additional data are being made available on the Reports
and Data Collections page of the Regulation II section of the
Board's website. See <a href="https://www.federalreserve.gov/paymentsystems/regii-data-collections.htm">https://www.federalreserve.gov/paymentsystems/regii-data-collections.htm</a>.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, January 22, 2024.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024-01612 Filed 1-26-24; 8:45 am]
BILLING CODE P
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