CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Fed issues final debit card network requirements rule
Policy & Issues

Fed issues final debit card network requirements rule

October 4, 2022
Fed

The Federal Reserve issued its final rule amending Reg II’s debit card routing requirements, a rule CUNA, Leagues, and credit unions strongly opposed. It would require debit card issuers to offer two unaffiliated networks which must also be capable of processing transactions under a new framework.

“This final rule not only adds layers of unnecessary complexity to debit card networks, it will likely accelerate the decline in debit card revenue while increasing compliance costs,” said CUNA President/CEO Jim Nussle. “This rule has very little consumer benefits, while making it much harder for community financial institutions to offer safe, affordable card programs.”

Under the final rule, an issuer must configure each of its debit cards so that card-not-present transactions performed with those cards can be processed on at least two unaffiliated networks.

Specifically, it:

  • Specifies that the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions.
  • Clarifies the requirement that debit card issuers ensure that at least two unaffiliated networks have been enabled to process a debit card transaction.
  • Adopts most of the proposed revisions to standardize and clarify the use of certain terminology (e.g., using the term “perform,” rather than “process” or “initiate”) to maintain consistency throughout Regulation II.

The rule becomes effective on July 1, 2023.

 

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Mascot Madness: East winner crowned; Midwest voting opens

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: One semifinal set; Vote for the best in the West

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which West Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us