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Federal Reserve Board announces it will extend the comment period on its interchange fee proposal until May 12, 2024 and published additional related data

January 22, 2024 / Source: FRB

The Board on Monday announced that it will extend until May 12, 2024, the comment period on its interchange fee proposal. The Board extended the comment period to allow the public more time to analyze the proposal and prepare their comments. Comments on the proposal were originally due by February 12, 2024.

Separately, the Board published additional data related to the interchange fee cap. The Board published the data to give the public additional information as they consider the proposal. The additional data are available here.

Interchange fees are paid by merchants and received by debit card issuers for each debit card transaction. In October 2023, the Board requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The proposal would also establish a regular process for updating the maximum amount every other year going forward. By law, the Board is required to establish standards for assessing 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.

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