Policy Issues
Debit Card/Interchange Fees
The interchange fee provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act will, for the first time ever, regulate debit interchange fees. The Durbin Amendment orders the Federal Reserve Board to enact regulations that strictly limit the amount of debit interchange transaction fees banks may charge. These new restrictions require that interchange transaction fees received or charged by an issuer in connection with a debit card transaction must be “reasonable and proportional” to the incremental cost to the issuer of processing the transaction. The amendment exempts small issuers with less than $10 billion in assets.
Debit Card/Interchange Fee Comment Letters
Text of the Durbin Amendment
Roundtable Letters
- Joint Trade Letter on the Follow-up on Outcomes of Debit Card Issuer Survey, August 24, 2012
- Joint Trade Amicus Brief, Retailer's Lawsuit Against the Federal Reserve , May 15, 2012
- Joint Trade TCF Amicus Brief, May 13, 2011
- Supplemental Debit Card/Interchange Fees (Joint Trades Letter), April 11, 2011
- TCF Amicus Brief (Joint Trade Brief), March 11, 2011
- Debit Card Interchange Fees and Routing (Joint Trade Letter) , February 22, 2011
- Debit Card Interchange Fees and Routing, February 22, 2011
- Debit Card Interchange Fee Letter to House , January 14, 2011
- Debit Card Interchange Fee Letter to Senate, January 14, 2011
- Debit Card Interchange Fees, December 17, 2010
- Unsolicited Letter on Debit Card Interchange Fees, November 1, 2010
Congressional/Agency Letters
- Sen. Corker Letter to Bernanke, June 15, 2011
- Bernanke Letter to Johnson/Shelby, March 29, 2011
- Bernanke Letter to Bachus/Frank, March 29, 2011
- Gov. Dalrymple (R-ND) Letter to Congressional Leaders, March 28, 2011
- FDIC Letter, March 10, 2011
- OCC Letter, March 4, 2011
- Jeff Merkley Letter, March 3, 2011
- Carl Levin/Debbie Stabenow Letter, March 1, 2011
- Jeb Hensarling/Spencer Bachus Letter, December 17, 2010
- Claire McCaskill Letter, December 17, 2010
- Barney Frank Letter, December 17, 2010
- Olympia Snowe/Susan Collins Letter, December 17, 2010
- Tom Carper Letter, December 17, 2010
NACS v. Federal Reserve
- Merchant Complaint
- Merchant Amended Complains
- Merchant Motion for Summary Judgment
- NACS Summary Judgment Reply Brief
- Federal Reserve Board (FRB) Brief
- FRB Reply Brief
- Joint Trade Amicus Brief
Credit Card Interchange Settlements
- Key Settlement Details
- EPC Statement
- Full text of the memorandum of understanding to enter into settlement
- Definitive Settlement Agreement and Motion for Preliminary Approval Filed 10/19/12
- Preliminery Approval Granted 11/9/2012
Resources
- TCF Status Conference Minutes, June 30, 2011
- TCF v. Bernanke Court Opinion, June 29, 2011
- Debit Interchange Fees Study Act of 2011, March 15, 2011
- TCF Filing Talking Points, March 11, 2011
- Debit Card/Interchange Fast Facts - Part 1
- Debit Card/Interchange Fast Facts - Part 2
- Federal Reserve NPR on Debit Card Interchange Fees and Routing, December 28, 2010
Press Releases
- Independent Voices on Debit Card/Interchange Fees, March 24, 2011
- Bipartisan Coalition of Senators: Stop and Study Proposed Debit Card Rule, March 15, 2011
- TCF Joint Trade Amicus Brief, March 11, 2011
White Papers
Economic Analysis of the Effects of the Federal Reserve Board’s Proposed Debit Card Interchange Fee Regulations on Consumers and Small Businesses (February 2011)
The Economic Principles for Establishing Reasonable Regulation of Debit-Card Interchange Fees that Could Improve Consumer Welfare (February 2011)
Toward Reasonable Regulation of Debit Card Interchange Fees: The Case for Modifying the Federal Reserve Board’s December 16, 2010 Proposals (February 2011)
The Consequences of Debit Card Price Fixing (January 2011)
