You may be reading or hearing news about debit interchange fee caps and you may be wondering how that will impact our Company. Both of our issuing banks are exempt from the debit interchange fee caps for our gift cards and corporate rewards and loyalty cards.
The Federal Reserve Board today published two lists of issuers—those subject to, and those exempt from its recently adopted final rule for implementing debit interchange fee caps related to the Durbin Amendment. These lists, are intended to help payment card networks and others determine which issuers qualify for the statutory exemption from interchange fee standards, according to the Fed announcement. The statute exempts any debit card issuer that, together with its affiliates, has assets of less than $10 billion. The interchange fee standards become effective on Oct. 1, 2011, and the board plans to update the lists annually.