Fed finalizes cap on debit fees
The Federal Reserve Board finalized its debit interchange fee at 21 cents per transaction, plus a small additional amount for fraud prevention. The June 29 vote finalized a rule mandated by the Dodd-Frank Act. A draft proposal in December had set the cap at 12 cents. In early June, 54 U.S. senators voted to delay implementation of the cap so it could be studied. Needing 60 votes, that legislation failed but the Fed seemed to tip its hat to the senate majority by raising the cap 75 . . .
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