Compliance Deadline: Federal Reserve - Debit Card Interchange Fees and Routing

Compliance Deadlines Add to Calendar 2023-07-01 17:00:00 2023-07-01 17:00:00 Compliance Deadline: Federal Reserve - Debit Card Interchange Fees and Routing On October 3, 2022, the Board of Governors of the Federal Reserve System (Board) published a final rule amending Regulation II to clarify that debit card issuers must enable, and allow merchants to choose from, at least two unaffiliated payment networks to be enabled, which has applied to debit card transactions in general since 2011, and now explicitly applies to card-not-present transactions. The final rule clarifies that an issuer is not required to ensure that two or more unaffiliated networks will actually be available to the merchant to process every electronic debit transaction, but rather that issuers must enable routing choice for card-not-present debit card transactions. This final rule is effective July 1, 2023. Final Regulation – 22-EF-04 Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more. Location NAFCU digital@nafcu.org America/New_York public

On October 3, 2022, the Board of Governors of the Federal Reserve System (Board) published a final rule amending Regulation II to clarify that debit card issuers must enable, and allow merchants to choose from, at least two unaffiliated payment networks to be enabled, which has applied to debit card transactions in general since 2011, and now explicitly applies to card-not-present transactions. The final rule clarifies that an issuer is not required to ensure that two or more unaffiliated networks will actually be available to the merchant to process every electronic debit transaction, but rather that issuers must enable routing choice for card-not-present debit card transactions. This final rule is effective July 1, 2023.

Final Regulation – 22-EF-04

Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more.