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GAO-11-895R 1 (2011-08-11)

handle is hein.gao/gaobadxfc0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322284 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 a final rule on July 20, 2011. 76 Fed. Reg. 43,394. The final rule implements the provisions of section 920 of the Electronic Fund Transfer Act (EFTA), including standards for reasonable and proportional interchange transaction fees for electronic debit transactions, exemptions from the interchange transaction fee limitations, prohibitions on evasion and circumvention, prohibitions on payment card network exclusivity arrangements and routing restrictions for debit card transactions, and reporting requirements for debit card issuers and payment card networks. The final rule is effective October 1, 2011. For the prohibition on network exclusivity (§ 235.7(a)), the general compliance date is April 1, 2012, except as follows: * payment card networks must comply with §§ 235.7(a)(1) and (a)(3) on October 1, 2011; GAO-1 1-895R

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