The Federal Reserve Board announced it will extend the comment period on its debit interchange fee proposal to May 12, 2024. The board extended the comment period to allow the public more time to analyze the proposal and prepare their comments.
Comments on the proposal were originally due February 12.
Separately, the board published additional data related to the interchange fee cap. The board published the data to give the public additional information as they consider the proposal. The additional data are available here.
Interchange fees are paid by merchants and received by debit card issuers for each debit card transaction. In October 2023, the board requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The proposal would also establish a regular process for updating the maximum amount every other year going forward.
By law, the board is required to establish standards for assessing whether an interchange fee received by a large debit card issuer for processing a debit card transaction is reasonable and proportional to certain issuer costs.
For media inquiries, please email media@frb.gov or call 202-452-2955.
View the Federal Register notice here: Debit Card Interchange Fees and Routing; Extension of Comment Period.
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