Debit Card Interchange Fees and Routing; Extension of Comment Period
Abstract
On November 14, 2023, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a proposal that would update all three components of Regulation II's interchange fee cap based on the latest data reported to the Board by large debit card issuers, update the interchange fee cap every other year going forward by directly linking the interchange fee cap to data from the Board's biennial survey of large debit card issuers, and implement a set of technical revisions to the regulation. The proposal provided for a comment period ending on February 12, 2024. The Board is extending the comment period for 90 days, until May 12, 2024. Further, additional data concerning the proposed new methodology for determining the base component of the interchange fee cap are being made available on the Board's website.
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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Frequently Asked Questions
What is the 2024-01612 Federal Register document?
Document 2024-01612 is a Proposed Rule published by the Federal Reserve System in the Federal Register on January 29, 2024, with an effective date of November 14, 2023. On November 14, 2023, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a proposal that would update all three components of Regulation II's interchange fee cap based on the latest data reported to the Board by large debit card issuers, update the interchange fee cap every other year going forward by directly linking the interchange fee cap to data from the Board's biennial survey of large debit card issuers, and implement a set of technical revisions to the regulation. The proposal provided for a comment period ending on February 12, 2024. The Board is extending the comment period for 90 days, until May 12, 2024. Further, additional data concerning the proposed new methodology for determining the base component of the interchange fee cap are being made available on the Board's website. View the original at https://www.federalregister.gov/documents/2024/01/29/2024-01612/debit-card-interchange-fees-and-routing-extension-of-comment-period.
Is document 2024-01612 an economically significant rule?
No. Document 2024-01612 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.