Fed proposes lowering permitted debit card fees
Proposal draws ire from Michelle Bowman and banking trade associations
The Federal Reserve Board is asking for comments on its proposal to lower the maximum permitted interchange fee for debit card transactions in the US. Generally, debit card issuers with at least $10 billion dollars in assets are subject to the rule.
In addition, the board plans to update pricing based on component costs every other year moving forward. “These future updates to the interchange fee cap would be published without inviting public comment and would be published by March 31 of odd
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