Fed extends comment period on debit card interchange fee proposal
The Federal Reserve announced that it has extended the public comment deadline to May 12 for its proposal to lower the cap on debit card interchange fees.
The Federal Reserve announced that it has extended the public comment deadline to May 12 for its proposal to lower the cap on debit card interchange fees.
The Federal Reserve announced the members of the Community Depository Institutions Advisory Council for 2024, including the new council president and vice president.
Cybersecurity preparedness has become increasingly important for banks but focusing on defense is not enough—banks must also develop and regularly test business continuity plans, Federal Reserve Vice Chairman for Supervision Michael Barr said.
The proposed Basel III endgame capital requirements could result in significant harm to the U.S. economy through its effects on U.S. businesses while failing to achieve the intended goals of improving safety and soundness and promoting financial stability, Federal Reserve Governor Michelle Bowman said.
Banking regulators should drop a proposal for a long-term debt requirement for banks with more than $100 billion and instead pursue options that give banks more flexibility to adopt requirements that better reflect their size and structure, ABA said.
The proposed Basel III endgame capital standards should be pulled and reintroduced after several problems are fixed, Federal Reserve Governor Christopher Waller said.
Interchange fees are “a relevant component” for helping make Bank On accounts economically sustainable for participating financial institutions, the Cities for Financial Empowerment Fund said in a letter to the Federal Reserve about its proposal to substantially lower the cap for debit interchange fees.
A proposal to significantly lower the cap on debit card interchange fees threatens to undo the considerable progress banks have made toward offering affordable deposit account products and reducing the number of unbanked, ABA President and CEO Rob Nichols said in a letter to Bank On-certified banks.
The proposed implementation of the Basel III “endgame” capital regulations would constrain the banking sector’s ability to provide credit and other essential financial services, ABA and 51 state bankers associations said.
Federal Reserve Vice Chairman for Supervision Michael Barr said that the Fed is considering adjustments to key provisions in its proposed rulemaking to implement the Basel III “endgame” capital requirements, the news agency Reuters reported.