LISTEN LIVE: House Financial Services Committee Hearing on Durbin Amendment

The House Financial Services Committee is scheduled to hear testimony on the Federal Reserve’s proposal for debit card interchange fees, beginning Feb. 17 at 10 a .m. EST. (More details)

Panelists include:

– Sarah Bloom Raskin, Governor, Federal Reserve Board

– Frank Michael (President and C.E.O., Allied Credit Union; on behalf of the Credit Union National Association

– David Kemper, Chairman, President and C.E.O., Commerce Bank; on behalf of the American Bankers Association and the Consumer Bankers Association

– Doug Kantor, Partner, Steptoe & Johnson; on behalf of the Merchant Payments Coalition

– Josh Floum, General Counsel, Visa

– Mr. David Seltzer, Vice President and Treasurer, 7-Eleven; on behalf of the Retail Industry Leaders Association

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.

Click here for more information on how to listen live the hearing. 

 


 

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