Browsing: Debit cards

Newsbytes Fed community banker council requests withdrawal of debit card proposal

A Federal Reserve proposal to significantly tighten the cap on debit card interchange compensation earned by banks has introduced sustainability concerns for smaller and medium-sized financial institutions that are trying to stay independent rather than merging, the members of the Fed’s Community Depository Institutions Advisory Council told the agency.

Newsbytes Lawmakers urge Fed to delay debit card fee proposal

The Federal Reserve should delay any proposals on debit card fees due to a lack of adequate data to support policymaking and the potential negative effects on bank and credit union customers with checking accounts, the chairmen of two House Financial Services subcommittees said.

Newsbytes ABA, associations urge Fed to reject changes to debit fee cap

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.

Newsbytes ABA, trade groups call for extension on Reg II changes

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).

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