Debit Card Interchange Fees and Routing

May 12, 2021 Regulation lookup, The Fed 0

Title:
Debit Card Interchange Fees and Routing
Subject: Debit card interchange
Agency: Federal Reserve
Status:
Final rule
Summary:

The Board of Governors is adopting a final rule that amends Regulation II to specify 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 requirement that debit card issuers ensure that at least two unaffiliated networks have been enabled to process a debit card transaction, and standardize and clarify the use of certain terminology.
FR Doc: 2022-21838
Date proposed: May 7, 2021
Comments due date: Aug. 11, 2021
Effective date:

July 1, 2023
Rule compliance date:
Agency release: Federal Reserve Board invites public comment on proposed changes to Regulation II regarding network availability for card-not-present debit card transactions and publishes a biennial report containing summary information on debit card transactions in 2019
Related Reg Report item(s): Ability to choose from two unaffiliated networks for ‘card-not-present’ debit card transactions proposed