Press Release
☷Federal Reserve Board announces it will extend the comment period on its interchange fee proposal until May 12 2024 and published additional related data
Federal Reserve System ( By Press Release office)
Jan 24,2024
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The Board announced on Monday that they ' re extending the comment period for their interchange fee proposal until May 12 , 2024 . They want to give the public more time to analyze the proposal and prepare their comments . Originally , comments were due by February 12 , 2024 . Additionally , the Board published some extra data related to the interchange fee cap to provide more information to the public . You can find the additional data here . Interchange fees are what merchants pay and debit card issuers receive for each debit card transaction . In October 2023 , the Board asked for comments on a proposal to lower the maximum interchange fee that large debit card issuers can receive . The proposal would also establish a regular process for updating the maximum amount every two years . The law requires the Board to set standards for determining whether an interchange fee received by a large debit card issuer for processing a debit card transaction is reasonable and proportional to certain issuer costs . If you have any media inquiries , you can email [email protected] or call 202 - 452 - 2955 . You can find the Federal Register notice here: Debit Card Interchange Fees and Routing; Extension of Comment Period ( PDF ) .
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