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The Fed’s Board of Governors Approved a Cap of 21 cents per Transaction

June 29, 2011

A collective sigh of relief could be heard today when the Fed’s Board of Governors approved a 21 cents per transaction cap on the debt interchange fees.  The amount was increased by 9 cents.  While the cap is dropping approximately 55 percent from the previously reported 44 cent industry average, it is still much better than the 75 percent drop that was going to happen before this drop.  Regardless of this new ruling, October 1st, 2011 will be a day that financial institutions are dreading.

FMSI will be releasing a brand new white paper about the impact that federal regualations are having on the financial institution industry in early July.  Please go to fmsi.com to opt-in to our monthly eNewsletter list to ensure that you will recieve the email that allows you to download this free white paper.

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