EFTA website provides information on Durbin Interchange Amendment and proposed Federal Reserve debit card regulations and interchange fees
FAIRFAX, Va.--(BUSINESS WIRE)--The Electronic Funds Transfer Association has launched an informational website to provide public information on issues surrounding the implementation of the Federal Reserve’s proposed new regulations governing debit card interchange fees. The new rules were mandated by the Durbin Interchange Amendment, part of 2010’s Wall Street Reform and Consumer Protection Act.“could force the biggest restructuring of the electronic payments industry in 30 years”
www.durbininterchangeamendment.org is designed to provide news, opinions and analysis on those issues that are critical to understanding the changes that will result from the law including the Fed’s effort to cap debit card interchange fees.
Debit card interchange fees are what banks charge retailers for authorizing consumer debit card payments.
The site provides access to a library of information related to the Federal Reserve’s proposed cap on debit interchange fees, as well as a blog and commentary providing opinions and analysis of the issue.
The new Fed interchange fee rules “could force the biggest restructuring of the electronic payments industry in 30 years,” according to Kurt Helwig, president and CEO of the Electronic Funds Transfer Association. “The purpose of the Durbin Interchange Amendment site is to provide one more tool for organizations to understand the implications of that restructuring and to help manage it.”
The Federal Reserve is currently accepting comments on its proposed regulations covering debit card interchange fees, which were unveiled on December 16. Public comment is due no later than February 22. The new rules are scheduled to be completed by April 21 and go into effect July 21.
About the Electronic Funds Transfer Association
The Electronic Funds Transfer Association is a leading trade association for organizations involved in electronic payments or commerce. Its mission is to inform and educate the public on issues of importance to the electronic payments industry and to objectively promote the adoption of electronic payments and commerce.
Contacts
for Electronic Funds Transfer Association
Chaddsford Planning Associates, LLC
Bob Bucceri, 610-918-1161
Chaddsford Planning Associates, LLC
Bob Bucceri, 610-918-1161
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