Debit Card Reform to Be Finalized June 29th

| By:


Posted on June 28, 2011 at 12:14 AM

The Federal Reserve is scheduled to finalize debit card reform on June 29th as dictated in the Durbin Amendment of the Wall Street Reform Act. The rough draft of the legislation that was issued back in December 2010 mandates a 12 cent cap on interchange fees. Interchange is the array of fees paid to the banks that issue the cards every time their cards are used.

Proof Interchange Reform Will Fail

There is some speculation that the Fed may raise the cap to an amount slightly higher than the original 12 cents. Ultimately, banks stand to lose billions of dollars over the next year since the law takes effect on July 21, 2011. We will update you on the outcome.

– deBanked

https://debanked.com

Last modified: February 21, 2013
Sean Murray



Category: Debit Cards, Merchant Processing, MPR Authored, Uncategorized

Home Debit Cards, Merchant Processing, MPR Authored, Uncategorized › Debit Card Reform to Be Finalized June 29th


    Spartan Capital

    SOS Capital

    Dedicated Financial GBC

    Legend Funding

    Liquidibee

    Green Note Capital

    BizFund

    Wynwood Capital Group

    deBanked CONNECT MIAMI

    Meridian Leads

    Unique Funding Solutions

    BCCUSA

    ByzFunder

    CapFront

    South End Capital

    Smart Business Funding

    National Funding

    ROK Financial

    Bitty Advance

    Balboa Capital

    Amerifi Capital

    VitalCap

    IOU Financial

    Fox Business Funding

    The Smarter Merchant

    AMA Recovery

    Fenix Capital Funding