House Financial Services Committee Schedules Testimony on Fed's Debit Plan for Feb. 17

Payments community, mark your calendars for Feb. 17. That’s the day panelists will testify before the House Financial Services Committee on the Federal Reserve’s proposal for debit card interchange fees, according to Chairman Rep. Spencer Bachus (R-AL).

(Related Article: Will the GOP Attempt to Repeal Dodd-Frank?)
 
Although we don’t know the specific panelists at this time, Rep. Shelley Caputo (R-WV) will be chairing the meeting.
 
The Federal Reserve Board staff has proposed two alternatives to debit interchange fee regulation. Both would set a maximum of 12 cents per transaction for debit cards with no apparent distinction between signature and PIN. Under one proposal, there would be a safe harbor of 7 cents, and issuers could make a case for up to 12 cents based on their actual average variable cost of authorization, clearing and settlement. Under the other proposal, issuers would have a cap of 12 cents per transaction. (Read More)
 
For more details on the Feb. 17 meeting, check out this blog entry from the Electronic Funds Transfer Association.


 

Related Content

 

Official Comments on Fed's Debit Plan from Congress, Credit Unions and More

JPMorgan on Durbin: Customers 'May Be Pushed Out of the Banking System'

Debit Card Interchange Fees Plummet Under Fed's Proposed Rules

What Does the Election Mean for the Payments Industry?

Durbin Down Under

Dealing with Durbin Briefing Room

Visa Inc. Statement Regarding the Federal Reserve’s Recommendations on the Dodd-Frank Act

NRF Says Federal Reserve Action on Debit Cards Could Lead to Discounts for Consumers

Federal Reserve Regulations Would Harm Consumers, Provide Windfall to Large Merchants

First Data Responds to Federal Reserve Board’s Proposed Rules

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

Click to comment

TRENDING RIGHT NOW