Regulatory Alerts2022-10-11 | 2022-21838Debit Card Interchange Fees and Routing
The Board of Governors of the Federal Reserve System adopted a final rule amending Regulation II to require that debit card transactions be processable on at least two unaffiliated payment card networks, explicitly extending this mandate to card-not-present transactions. The rule clarifies that issuers must ensure at least two unaffiliated networks are enabled for each debit card and standardizes terminology to prevent exclusivity arrangements. This amendment aims to promote competition among networks and preserve merchant routing choice for remote transactions, with the rule becoming effective on July 1, 2023.
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