The Federal Reserve announced Tuesday an extension of the comment deadline for its debit card routing requirements proposal. CUNA joined other organizations earlier this month calling on the Fed to extend the July 12 comment deadline, saying addition time would help both the accuracy and specificity of feedback.
Comments are now due August 11.
The proposed rule would require debit card issuers to offer two unaffiliated networks which must also be capable of processing transactions under a new framework of expectations surrounding merchant type, transaction and location.
Currently credit unions can comply with regulations by issuing debit cards carrying a signature network and an unaffiliated network.
CUNA believes the proposal would add new requirements to Regulation II that would increase the complexity and costs associated with debit cards, and shared those concerns with Members of Congress and regulators.