Regulatory Alerts2021-05-13 | 2021-10013Debit Card Interchange Fees and Routing
The Board of Governors of the Federal Reserve System proposes amendments to Regulation II to clarify that the statutory requirement for debit cards to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions. The proposal mandates that issuers enable multiple unaffiliated networks for remote purchases and prohibits restrictions that would inhibit merchants or their acquirers from routing these transactions over any available network. Additionally, the Board seeks to standardize regulatory terminology and requests public comment on these changes to enhance competition and routing flexibility in electronic commerce.
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