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June 29, 2011

Federal Reserve Issues Final Rule on Durbin Amendment

FedThe Board of Governors of the U.S. Federal Reserve have issued the final rule governing debit card interchange fees, the fraud prevention adjustment, and routing and exclusivity restrictions. To summarize the final rule:

  • Debit interchange cap - $0.21 plus 5 bps (for both signature debit and PIN debit)

  • Fraud prevention adjustment - $0.01 (interim rule)

  • Routing restrictions and network exclusivity - Option A (two unaffiliated debit network)

  • Relevant dates
    • Sep 30, 2011 - Public comments on interim rule are due
    • Oct 01, 2011 - Effective date for debit interchange cap, fraud prevention adjustment
    • Apr 01, 2012 - Effective date for network non-exclusivity for most debit card issuers
    • Apr 01, 2013 - Effective date for network non-exclusivity for non-reloadable (i.e. gift cards) and health benefit prepaid card issuers
  • Card Present vs Card Not Present - No distinction

The full staff memorandum to the Board of Governors, the interim rule on the fraud prevention adjustment, and the final rule (Regulation II, Debit Card Interchange Fees and Routing) are available online.

For a complete analysis of the final rule, join us for a special 90 minute Glenbrook webinar that explores the impact of various participants in the payments ecosystem. Wednesday, July 6th, 10:30AM - 12:00 PST, $149. Register Now.

Facebook Ads Can Be Paid For With Amex Membership Rewards Points

Amex logo 140px American Express announced today that Cardmembers will now be able to pay for Facebook Ads using Membership Rewards points.

American Express’ industry-leading Membership Rewards program is a featured benefit used by millions of American Express small business and consumer Cardmembers. Facebook is the most popular social media site for small business owners, and Facebook’s advertising platform reaches more than 500 million people globally. With the addition of Membership Rewards points as a payment option, business owners now have a powerful new way to build their businesses through the rapidly growing area of social media advertising.

FFIEC Releases Supplemental Guidance on Internet Banking Authentication

Ffiec logo 140pxThe Federal Financial Institutions Examination Council (FFIEC) has issued a supplement to the Authentication in an Internet Banking Environment guidance, issued in October 2005. "The purpose of the supplement is to reinforce the risk-management framework described in the original guidance and update the FFIEC member agencies' supervisory expectations regarding customer authentication, layered security, and other controls in the increasingly hostile online environment."

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