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This battle has pitted banks against merchants as the Federal Reserve continues to work on the final rules with no update on the timing as of yet. Final rules must be set by July 21. No matter what the final rules are, the loss of debit interchange revenue will force banks to implement new revenue strategies and bank customers will carry the burden in additional fees.
Patricia Hewitt, director of Mercator Advisory Group’s Debit Advisory Service has been following this issue closely and will have a full PaymentsJournal perspective on the impact of today’s vote. Please visit the PaymentsJournal Durbin Interchange Debate Strategy Room for analysis, headlines, govt. documents, opinions, and online Durbin Interchange Debate related resources : http://www.paymentsjournal.com/Strategy.aspx. PaymentsJournal will continue to report updates to this critical issue and provide readers with need to know information and resources.
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