Federal Reserve System: Debit Card Interchange Fees and Routing
GAO-11-896R: Aug 11, 2011
- Full Report:
GAO reviewed the Board of Governors of the Federal Reserve System's (Board) new rule on debit card interchange fees and routing. GAO found that (1) the interim final rule implements section 920(a)(5) of the Electronic Fund Transfer Act (EFTA) which governs adjustments to debit interchange transaction fees for fraud-prevention costs; and (2) the Board complied with applicable requirements in promulgating the rule.