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GAO-11-896R 1 (2011-08-11)

handle is hein.gao/gaobadxfb0001 and id is 1 raw text is: J GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322285 August 11, 2011 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: Debit Card Interchange Fees and Routing Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Board of Governors of the Federal Reserve System, entitled Debit Card Interchange Fees and Routing (RIN: 7100-AD 63). We received the rule on July 28, 2011. It was published in the Federal Register as an interim final rule; request for public comment on July 20, 2011. 76 Fed. Reg. 43,478. 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. The provisions of the interim final rule allow an issuer to receive an adjustment of one cent to its interchange transaction fee if the issuer develops, implements, and updates policies and procedures reasonably designed to identify and prevent fraudulent electronic debit transactions; monitor the incidence of, reimbursements received for, and losses incurred from fraudulent electronic debit transactions; respond appropriately to suspicious electronic debit transactions so as to limit the fraud losses that may occur and prevent the occurrence of future fraudulent electronic debit transactions; and secure debit card and cardholder data. If an issuer meets these standards and wishes to receive the adjustment, it must certify its eligibility to receive the fraud prevention adjustment to the payment card GAO-1 1-896R

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