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A Federal Reserve proposal that would require banks to give merchants more choices in routing certain debit transactions could be a prelude to a more consequential change: a lower cap on interchange fees for banks with more than $10 billion of assets.
May 12 -
While a merchant may choose to run a program incorrectly, it is our responsibility as professionals to fully understand what the rules are and communicate the impact if they are not followed, says Clearent's Phil Ricci.
April 28Clearant -
The U.S. debit networks have always been strong supporters of open standards created through open, consensus building, says the Secure Remote Payment Council's Paul Tomasofsky.
December 17Secure Remote Payment Council -
The Federal Reserve is facing pressure to allow retailers to route PIN-less debit-card purchases over their choice of networks. It’s a new stage in an old battle, fueled by the shift toward online shopping during the pandemic.
November 19 -
More lending regulation and interchange restrictions are on tap, says Intrepid Ventures' Eric Grover.
November 19 -
Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.
November 10 -
Several community banks are warning Congress that their participation in the Paycheck Protection Program could cause them to cross a threshold that may lead to, among other things, supervision by the CFPB and a cap on interchange fees.
September 3 -
H&R Block intends to break off the relationship since the parties have been unable to restructure compensation to reflect new interchange fee caps at Axos.
May 14 -
Stay-at-home orders and business shutdowns have led to a sharp decline in consumer use of credit and debit cards.
May 4 -
There is no doubt that many restaurants and merchants are struggling right now. But it makes no sense to hurt consumers and financial institutions by expanding failed policies like the Durbin Amendment, argues Jeff Tassey, chairman of the board for the Electronic Payments Coalition.
April 13Electronic Payments Coalition