[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Proposed Rules]
[Page 5438]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01612]


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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 89, No. 19 / Monday, January 29, 2024 / 
Proposed Rules

[[Page 5438]]



FEDERAL RESERVE SYSTEM

12 CFR Part 235

[Regulation II; Docket No. R-1818]
RIN 7100-AG67


Debit Card Interchange Fees and Routing; Extension of Comment 
Period

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice of proposed rulemaking; extension of comment period.

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SUMMARY: On November 14, 2023, the Board of Governors of the Federal 
Reserve System (Board) published in the Federal Register a proposal 
that would update all three components of Regulation II's interchange 
fee cap based on the latest data reported to the Board by large debit 
card issuers, update the interchange fee cap every other year going 
forward by directly linking the interchange fee cap to data from the 
Board's biennial survey of large debit card issuers, and implement a 
set of technical revisions to the regulation. The proposal provided for 
a comment period ending on February 12, 2024. The Board is extending 
the comment period for 90 days, until May 12, 2024. Further, additional 
data concerning the proposed new methodology for determining the base 
component of the interchange fee cap are being made available on the 
Board's website.

DATES: The comment period for the proposed rulemaking published on 
November 14, 2023 (88 FR 78100) is extended. Comments must be received 
by May 12, 2024.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposal.

FOR FURTHER INFORMATION CONTACT: Benjamin Snodgrass, Senior Counsel 
(202-263-4877) or Cody Gaffney, Senior Attorney (202-452-2674), Legal 
Division; or Krzysztof Wozniak, Section Chief (202-452-3878) or Elena 
Falcettoni, Senior Economist (202-452-2528), Division of Reserve Bank 
Operations and Payment Systems. For users of TTY-TRS, please call 711 
from any telephone, anywhere in the United States or (202) 263-4869.

SUPPLEMENTARY INFORMATION: On November 14, 2023, the Board published in 
the Federal Register a proposal that would update all three components 
of Regulation II's interchange fee cap based on the latest data 
reported to the Board by large debit card issuers, update the 
interchange fee cap every other year going forward by directly linking 
the interchange fee cap to data from the Board's biennial survey of 
large debit card issuers, and implement a set of technical revisions to 
the regulation.\1\
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    \1\ 88 FR 78100 (Nov. 14, 2023).
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    The proposal provided for a comment period ending on February 12, 
2024. Since the publication of the proposal, multiple commenters have 
requested that the Board extend the comment period, while one commenter 
has expressed opposition to any extension. An extension of the comment 
period will provide additional opportunity for interested parties to 
consider the proposal and prepare comments. Therefore, the Board is 
extending the end of the comment period for the proposal from February 
12, 2024, to May 12, 2024.
    In addition, to assist the public in commenting on the proposed new 
methodology for determining the base component of the interchange fee 
cap, additional data concerning this aspect of the proposal are being 
made available on the Board's website.\2\
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    \2\ The additional data are being made available on the Reports 
and Data Collections page of the Regulation II section of the 
Board's website. See https://www.federalreserve.gov/paymentsystems/regii-data-collections.htm.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, January 22, 2024.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024-01612 Filed 1-26-24; 8:45 am]
BILLING CODE P