On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. The final RULE is substantially similar to the proposed rule issued in 2021 and requires online (card not present) debit card transactions to be enabled for processing on at
Kristen E. Larson
Curinos publishes update to “Competition Drives Overdraft Disruption” study, predicting consumer savings of $28B from 2021 to 2025
By Kristen E. Larson on
Posted in Overdrafts
On September 6, 2022, Curinos published an update to their “Competition Drives Overdraft Disruption” study published in December 2021. Curinos was formed from the combination of two data driven business intelligence companies, Novantas and Informa’s FBX business.
As has been previously reported by the CFPB through a blog post and two December 2021 overdraft…
Fed narrows timetable for FedNow launch
By Ronald K. Vaske & Kristen E. Larson on
Posted in Federal Reserve Board, Payments
Earlier this week, the Federal Reserve Board of Governors narrowed the timetable for the launch of its instant payments platform—FedNow—to mid-year 2023, specifically targeting a production rollout of the service in a May to July 2023 timeframe. The Fed had previously communicated a 2023 launch. In September 2022, the FedNow Pilot Program will begin technical…