The Federal Reserve proposed to significantly lower the cap on debit card interchange fees earned by banks and institute a new review process by which the cap would be revised every two years.
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In a joint letter, ABA and eight banking and credit union associations urged the Federal Reserve to reject merchant requests for further limits on debit card interchange fees in Regulation II, saying such regulatory action could negatively affect the sustainability and affordability of core deposit account services.
More than one-third (35%) of banking customers reported experiencing at least one type of fraud in the past year, according to new data released by J.D. Power this week.
U.S. card skimming grew by nearly 500% in 2022 and is showing signs it will grow even faster this year, according to a recent analysis by credit scoring services firm FICO.
ABA joined four other financial trade associations in a letter to the Federal Reserve last week seeking an extension for the effective date of a recent final rule amending Regulation II (the implementing regulation for the Durbin Amendment).
Many U.S. shoppers will rely primarily on debit cards to purchase gifts for friends and family this holiday season, according to a new survey by TD Bank.
Something old, something new: In 2022, check fraud remains a focus of bank risk professionals, while instant P2P payments are an increasingly popular platform for scammers seeking to take advantage of consumers.
The Federal Reserve today finalized a controversial, ABA-opposed rule expanding Regulation II, the implementing regulation for the Durbin Amendment.
Debit and credit card transactions continue to lead the way in payments transactions over digital payments alternatives, according to recent research published by J.D. Power.
At a Senate Judiciary Committee hearing, banking, credit card industry representatives and some lawmakers pushed back against proposals to expand interchange regulation to credit cards, arguing that the existing interchange fee limits imposed by the Durbin amendment more than a decade ago are hurting consumers.