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Fed Rule on Debit Interchange: Partial Relief at Best

In late June the Federal Reserve Board published a surprisingly favorable final rule on debit card interchange rates, compared with the draconian cap in its December proposal. But while this more moderate interpretation of the Durbin Amendment was gladly received in the banking industry, it would be a serious error for institutions to simply relax and return to business as usual. Although the Fed’s final “Regulation II” shaved an anticipated debit interchange revenue shortfall from more than $10 billion to less than $5 billion, the financial impact still is substantial. When it is combined with other regulatory changes affecting credit ...

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