The Center for Regulatory Effectiveness (CRE) has sent the letter attached below to the Federal Reserve’s Chief Information Officer. In the letter, CRE explains that the Board is required by statute to adjust allowable debit interchange fees to account for the full data security costs associated with debit card transactions. The letter explains that debit card issuers have incurred significant costs because of third-party cybersecurity breaches – costs that issuers need to be covered by interchange fees.
See CRE letter to Federal Reserve attached below.
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