Debit Card Interchange Fees and Routing
Abstract
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.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Other Rules from Federal Reserve
Frequently Asked Questions
What is the 2022-21838 Federal Register document?
Document 2022-21838 is a Final Rule published by the Federal Reserve System in the Federal Register on October 11, 2022, with an effective date of July 1, 2023. 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. View the original at https://www.federalregister.gov/documents/2022/10/11/2022-21838/debit-card-interchange-fees-and-routing.
Is document 2022-21838 an economically significant rule?
No. Document 2022-21838 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.