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The Center for
Regulatory Effectiveness Advises Federal Reserve to Accept its
Cybersecurity Responsibilities In Setting Debit Interchange
Fees WASHINGTON, May 13,
2011 /PRNewswire/ -- In a letter to the Federal Reserve's Chief
Information Officer, https://www.thecre.com/premium/wp-content/uploads/2011/05/CRE-FederalReserve-CIOLetter.pdf , the Center for Regulatory Effectiveness (CRE)
explained that the Dodd-Frank bill requires that the agency adjust
allowable interchange fees to account for the full costs of maintaining
data security for debit card financial transactions. As the letter
notes, debit card issuers have incurred significant costs because of
third-party cybersecurity breaches -- costs that issuers need to be
covered by interchange fees.
CRE's letter also highlighted the significance of the White House's just-proposed legislation which would impose federal cybersecurity regulations on financial institutions and other critical infrastructure. CRE requested that the CIO advise the Board on the relevant cybersecurity costs. SOURCE Center for Regulatory Effectiveness RELATED LINKS |
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