Comments Due to NAFCU: Federal Reserve System - Notice of Proposed Rulemaking on Debit Card Interchange Routing

Important Regulatory Dates Add to Calendar 2021-07-28 17:00:00 2021-07-28 17:00:00 Comments Due to NAFCU: Federal Reserve System - Notice of Proposed Rulemaking on Debit Card Interchange Routing NAFCU would like to highlight the following: The proposed rulemaking clarifies that the requirement for at least two unaffiliated payment networks, which has applied to debit card transactions in general since 2011, would now explicitly apply to card-not-present transactions. The Federal Reserve System seeks comments on the proposed modifications to Regulation II and the extent of the impact of the modifications on the various participants in the debit card market and on consumers. The proposed modifications would not alter interchange fees. The proposed modification would not alter the Regulation II exemption from interchange fee limitations for financial institutions with less than $10 billion in assets. Comments due to NAFCU: July 28, 2021 Comments due to Fed: August 11, 2021 Comment now   NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (July 28, 2021). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • The proposed rulemaking clarifies that the requirement for at least two unaffiliated payment networks, which has applied to debit card transactions in general since 2011, would now explicitly apply to card-not-present transactions.
  • The Federal Reserve System seeks comments on the proposed modifications to Regulation II and the extent of the impact of the modifications on the various participants in the debit card market and on consumers.
  • The proposed modifications would not alter interchange fees.
  • The proposed modification would not alter the Regulation II exemption from interchange fee limitations for financial institutions with less than $10 billion in assets.

Comments due to NAFCU: July 28, 2021

Comments due to Fed: August 11, 2021

Comment now  

NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (July 28, 2021).