Federal Reserve Gov. Elizabeth Duke said Thursday that the central bank is planning to issue its proposal on interchange fees soon, but declined to go into further details.
Under the Dodd-Frank Act enacted in July, the central bank has the task of requiring that debit interchange fees are "reasonable and proportional" to the costs that card issuers incur. The Fed's new rules are expected to result in lower fees.
"I am aware of the high level of interest in this topic, and I recognize the importance of the statute and its implementation for the future development of the payment card industry," said Duke in prepared remarks at a conference in Philadelphia. "However, we plan to issue a proposal for comment soon, so I will not comment on any specific elements at this time."
