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Advanced Search Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Home > News & Events > Press Releases > Federal Reserve issues a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions Press Release June 29, 2011 Statement by Chairman Ben S. Bernanke June 29, 2011 We are meeting today to review the final rule implementing the debit card interchange provisions of the DoddFrank Act. We are approaching the one-year anniversary of the enactment of Dodd-Frank. The Federal Reserve has been given substantial and important responsibilities under this act, and we have been working diligently to implement the statutory requirements under our purview. The interchange rule we are considering this afternoon has been one of our most challenging rulemakings under Dodd-Frank to date. We received input from more than 11,000 commenters on our proposed rule. We have taken the time needed to review these comments carefully; they have been very helpful to us and the final rule reflects changes suggested by commenters. Congress has directed the Board to accomplish a very difficult task. I believe the final rule gives careful consideration to the statutory language, the cost data available to us, and the complexities of the debit interchange payment system. The Board plans to monitor developments in the debit card market; that monitoring will include collecting and publishing data related to debit card costs and interchange fees. These data will help the Board, as well as issuers (both large and small), merchants, networks, consumers, and Congress assess whether the statute and the rule are effectively accomplishing their intended goals. I know that staff members have spent significant time and effort on this rulemaking, and I want to commend them for their hard work and dedication. I will now turn to Vice Chair Janet Yellen, who chairs the Board's Committee on Payments, Clearing, and Settlement, which has reviewed the staff's proposal. Last Update: June 29, 2011 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Financial Stability TOOLS AND INFORMATION STAY CONNECTED Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM 20th Street and Constitution Avenue N.W., Washington, DC 20551
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