Regulation II: A Historical Timeline
Key Milestones in the Evolution of Regulation II
2024
Jan. 22
2024
May 12
20xx
Plan
2022
Dec. 22
Giant Chain Stores Take Advantage of Their Extension to Lobby State Legislatures
Federal Reserve Proposes to Lower Debit Interchange Fees
Banks and Credit Unions Express Unanimous Opposition
Merchants Lobby the Federal Reserve to Fix Prices
Comment Deadline Extended
2023
Oct. 25
2024
Feb. 7
Learn More
Banks and Credit Unions Express Unanimous Opposition
Banks and credit unions of all sizes joined forces to unanimously oppose the proposal. They argued in comments to the Federal Reserve that the proposal would harm consumers, banks and credit unions and would violate the law.
Federal Reserve Proposes to Lower Debit Interchange Fees
The Federal Reserve responds to the merchants request with a new limit on the amount banks can charge to facilitate debit card transactions, often referred to as interchange fees.
Giant Chain Stores Take Advantage of Their Extension to Lobby State Legislatures
Giant chain stores leveraged the extension to seek additional carveouts in states like Illinois that would exempt merchants from paying interchange fees on select transaction segments like state sales tax.
Merchants Lobby the Federal Reserve to Fix Prices
Trade associations representing giant chain stores petitioned the Federal Reserve asking it to intervene by lowering the existing legal limit on debit card interchange fees.
Comment Deadline Extended
The Federal Reserve announced on January 22, 2024 that it would extend the comment period deadline from February 12, 2024 to May 12, 2024.
Reg II Timeline
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Created on October 4, 2024
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Transcript
Regulation II: A Historical Timeline
Key Milestones in the Evolution of Regulation II
2024
Jan. 22
2024
May 12
20xx
Plan
2022
Dec. 22
Giant Chain Stores Take Advantage of Their Extension to Lobby State Legislatures
Federal Reserve Proposes to Lower Debit Interchange Fees
Banks and Credit Unions Express Unanimous Opposition
Merchants Lobby the Federal Reserve to Fix Prices
Comment Deadline Extended
2023
Oct. 25
2024
Feb. 7
Learn More
Banks and Credit Unions Express Unanimous Opposition
Banks and credit unions of all sizes joined forces to unanimously oppose the proposal. They argued in comments to the Federal Reserve that the proposal would harm consumers, banks and credit unions and would violate the law.
Federal Reserve Proposes to Lower Debit Interchange Fees
The Federal Reserve responds to the merchants request with a new limit on the amount banks can charge to facilitate debit card transactions, often referred to as interchange fees.
Giant Chain Stores Take Advantage of Their Extension to Lobby State Legislatures
Giant chain stores leveraged the extension to seek additional carveouts in states like Illinois that would exempt merchants from paying interchange fees on select transaction segments like state sales tax.
Merchants Lobby the Federal Reserve to Fix Prices
Trade associations representing giant chain stores petitioned the Federal Reserve asking it to intervene by lowering the existing legal limit on debit card interchange fees.
Comment Deadline Extended
The Federal Reserve announced on January 22, 2024 that it would extend the comment period deadline from February 12, 2024 to May 12, 2024.