Comment Deadline Set for Debit-Card Interchange Fee Cap
The Federal Register today includes the Federal Reserve’s proposed sharp reduction in the cap for debit-card interchange fees. As previously noted (see FSM Report INTERCHANGE12), the reduction is premised on the Fed’s finding of lowered debit-card costs, but its methodology is largely unchanged and thus may not reflect current and prospective costs such as those associated with pending deposit-insurance, capital, liquidity, CRA, and open-banking standards.
FSB Hones in on Insurance Company Risk, Resolvability
At its plenary meeting over the last two days, the FSB reviewed its longstanding priorities in areas such as NBFIs, climate risk, and cryptoassets. The most notable change in priorities comes with renewed focus on insurance-company systemic risk due to challenging resolution.