News & Analysis as of

Interchange Fees Debit and Credit Card Transactions

Ballard Spahr LLP

Industry groups file motion to intervene in Corner Post debit card interchange case

Ballard Spahr LLP on

On October 16, 2024, the Bank Policy Institute and the Clearing House Association filed a motion to intervene in Corner Post, Inc. v Board of Governors of the Federal Reserve System. On July 1, 2024, the Supreme Court sided...more

Troutman Pepper

The OCC and Illinois Attorney General File Opposing Briefs on Interchange Fee Prohibition Act

Troutman Pepper on

On October 2, the Office of the Comptroller of the Currency (OCC) filed an amicus brief in the U.S. District Court for the Northern District of Illinois in support of several banking associations’ motion for a preliminary...more

MG+M The Law Firm

Class Actions Involving ATM Fees: Settlement Information and Deadlines

MG+M The Law Firm on

In October 2011, three related (or parallel) class action lawsuits were filed. These cases named Visa and Mastercard (and others) as defendants but are unrelated to the Interchange Fee case with the $5.5 billion settlement...more

Orrick, Herrington & Sutcliffe LLP

Bank associations sue Illinois to prevent interchange fee act from effecting

On August 15, several banking and credit union associations sued the Illinois Attorney General to prevent the state from implementing the Illinois Interchange Fee Prohibition Act (the “Act”). As covered by InfoBytes, the...more

Amundsen Davis LLC

Interchange Fee Prohibition Act

Amundsen Davis LLC on

The Interchange Fee Prohibition Act (IFPA), signed into law in June of 2024 by Illinois Governor J.B. Pritzker, prohibits banks, savings associations, credit union, and others from receiving or charging an interchange fee on...more

Jackson Lewis P.C.

U.S. Supreme Court Holds Door Open to Challenge Federal Regulations

Jackson Lewis P.C. on

The U.S. Supreme Court has held that a federal regulation can be challenged on its face long after the rule is issued by an agency. Corner Post, Inc. v. Bd. of Governors of the Federal Reserve System, No. 22-1008 (July 1,...more

Orrick, Herrington & Sutcliffe LLP

Illinois enacts Interchange Fee Prohibition Act within state budget

Recently, the Governor of Illinois signed into law the state’s new budget (the “budget”) which will include a provision cited as the Interchange Fee Prohibition Act (the “Act”). The Act’s language was originally proposed as...more

Womble Bond Dickinson

The Complexities and Costs of Eliminating Interchange Fees on Sales Tax Portions

Womble Bond Dickinson on

Illinois has become the first state to adopt legislation banning interchange fees on the tax amount and gratuity (tip) amount of a credit or debit payment transaction. The Illinois Interchange Fee Prohibition Act (IFPA)i,...more

Ballard Spahr LLP

Illinois Governor Expected to Sign Bill to Ban Interchange Fees on Sales Tax and Tips

Ballard Spahr LLP on

On May 29, 2024, Illinois lawmakers passed an omnibus budget bill (HB4951) that includes the Interchange Fee Prohibition Act (the “Act”). The Act prohibits the collection of debit and credit card interchange fees for sales...more

Ballard Spahr LLP

ABA and State Bankers Associations ask Federal Reserve to withdraw its debit card interchange proposed rule

Ballard Spahr LLP on

The American Bankers Association (ABA) along with 50 state bankers associations, the DC Bankers Association and Puerto Rico Bankers Association sent a letter (the “ABA Letter”) to the Federal Reserve “in strong opposition to...more

Ballard Spahr LLP

Senator Durbin attempts to revive Durbin 2.0 with Senate Judiciary Committee hearing in April and solicits testimony from Visa,...

Ballard Spahr LLP on

On April 9, 2024, the Senate Judiciary Committee will hold a hearing on credit card competition. Senator Dick Durbin (D-IL) requested testimony at the hearing from the following Chief Executive Officers who have publicly...more

Ballard Spahr LLP

New research suggests proposed Regulation II revisions lowering debit card interchange fees will cost consumers up to $2 billion...

Ballard Spahr LLP on

In October 2023, the Federal Reserve Board issued a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The due date for comments on this proposal, originally...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Ballard Spahr LLP

Federal Reserve extends comment period for debit card interchange fee rulemaking

Ballard Spahr LLP on

The Board of Governors of the Federal Reserve (the “Board”) has announced that it is extending the comment period for its proposed changes to its debit card interchange fee rule until May 12, 2024. Comments were originally...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit...

Ballard Spahr LLP on

Our special guest is Zarik Khan, Founder of Finsolute Advisors. In October 2023, the Federal Reserve Board issued a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card...more

Ballard Spahr LLP

Durbin 2.0 Congressional Research Service Report Indicates Uncertainty of Routing Restrictions Impacts on Industry

Ballard Spahr LLP on

On December 13, 2023, the Congressional Research Service issued a report titled How the Credit Card Competition Act of 2023 Could Affect Consumers, Merchants, and Banks highlighting potential issues for Congress....more

Cadwalader, Wickersham & Taft LLP

A Further Look at the FRB’s Debit Interchange Cap Proposal

As we mentioned last week, the Federal Reserve Board (“FRB”) announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the...more

Ballard Spahr LLP

Federal Reserve Considering Lowering Debit Card Interchange Fee Caps (UPDATED)

Ballard Spahr LLP on

As we previously blogged, the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the...more

Wilson Sonsini Goodrich & Rosati

The Fed Proposes a Sea Change in Debit Card Interchange Fee Regulation

The Federal Reserve Board has proposed a new rule for public comment that would significantly lower the cap on interchange fees that debit card issuing banks (issuers) may charge a merchant’s bank (an acquiring bank) for...more

Cadwalader, Wickersham & Taft LLP

Federal Reserve Board Proposes Adjusting Debit Interchange Caps in Accordance with the Durbin Amendment

The Federal Reserve Board announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the Dodd-Frank Act....more

Ballard Spahr LLP

Federal Reserve considering revisions to debit card interchange fees

Ballard Spahr LLP on

The Board of Governors of the Federal Reserve (FRB) is holding an open meeting on October 25, 2023 to discuss proposed revisions to the Board’s debit interchange fee cap contained in Regulation II, which implemented the...more

Ballard Spahr LLP

SCOTUS to Determine When Clock Starts under APA’s Statute of Limitations

Ballard Spahr LLP on

Last Friday, the U.S. Supreme Court agreed to decide when a right of action first accrues for an Administrative Procedure Act (APA) challenge to a final rule issued by a federal agency—when the final rule is issued or when...more

Troutman Pepper

Supreme Court to Decide Commencement of APA Statute of Limitations Period in Debit Card Fee Challenge

Troutman Pepper on

The U.S. Supreme Court has granted the petition for certiorari in Corner Post, Inc. v. Board of Governors of the Federal Reserve System (Board), a case where Corner Post challenges a 2011 Board rule that governs certain fees...more

Ballard Spahr LLP

Regulation II Expanded to Require Two Unaffiliated Networks on Card Not Present Transactions

Ballard Spahr LLP on

On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. The final RULE is substantially similar to the...more

White & Case LLP

JFTC market study report on credit card transactions suggests standard interchange fee rates be disclosed

White & Case LLP on

On April 8, 2022, the Japan Fair Trade Commission ("JFTC") published the Market Survey Report on Credit Card Transactions ("Report"). The JFTC conducted a survey on credit card transactions in order to ascertain disclosure of...more

38 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide