(a) Authority. This part is issued by the Board of Governors of the Federal Reserve
System (Board) under section 920 of the Electronic Fund Transfer Act (EFTA)
(15 U.S.C. 1693o-2, as added by section 1075 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376
(2010)).
(b) Purpose. This part implements the provisions of section 920 of the EFTA,
including standards for reasonable and proportional interchange transaction
fees for electronic debit transactions, standards for receiving a
fraud-prevention adjustment to interchange transaction fees, exemptions from
the interchange transaction fee limitations, prohibitions on evasion and
circumvention, prohibitions on payment card network exclusivity arrangements
and routing restrictions for debit card transactions, and reporting
requirements for debit card issuers and payment card
networks.
