Highlights
• Within 9 months, Federal Reserve must issue standards for debit interchange fees that are reasonable and proportional to the cost of the transaction. Within 90 days thereafter fees must be adjusted accordingly.
• In same time frame, Fed must write rules implementing non-exclusivity of debit networks, meaning that a debit card issuer must offer retailers at least 2 networks through which debit transactions can be processed.
• Immediately allows retailers to set a minimum transaction level (not to exceed $10) for credit card transactions, and to discount for different methods of payment and significantly liberalizes the form of discounts and permitted discount marketing language.
NACS Q & A on the Swipe Fee Reforms NACS Overview of Durbin Amendment Provisions
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