Public input is sought by the U.S. Federal Deposit Insurance Corp. in its efforts to complete regulations to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Federal Reserve is authorized through the law to develop regulations that addresses debit card interchange. According to industry insiders many other provisions could affect the merchant service acquiring section.
Andrew Gray of the FDIC indicates that the agency will fast-tack the process and that variable timelines are affiliated with the required rulemaking. "We've already announced a reorganization as part of the legislation and will be moving forward through the formal rulemaking process, allowing for notice and comment, etc.," says Gray. The FDIC will establish the new Office of Complex Management and Division of Depositor and Consumer Protection which is designed to assist in fulfilling the agency's duties as directed by the financial reform legislation.
Loretta Hunnicutt
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