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Wednesday, March 6, 2013

Fed: No Plans to Revise Interchange Fee Standard

The Federal Reserve doesn’t plan to revisit its final rule capping debit card interchange fees at 21 cents per transaction, the agency said yesterday as part of a report it released on 2011 transactions. The report found that for 67 percent of issuers covered by the rule, the average cost of authorizing, clearing and settling debit card transactions in 2011 was less than 21 cents.

“Covered issuers that had average ACS [authorizing, clearing and settling] costs below 21 cents in 2011 processed well over 99 percent of all reported covered transactions, the same proportion as in 2009,” the last year the survey was conducted, the Fed said.

The Fed estimated that debit-card fraud losses for all parties -- merchants, cardholders, and issuers -- was $1.38 billion in 2011, with an average loss of about 8 basis points per debit card transaction, down slightly from 2009.

Read the report.

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