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Credit/Debit Card Reform

August 30, 2010
Credit/Debit Card Reform
 
On July 21, 2010, President Obama signed the Wall Street Reform and Consumer Protection Act (H.R. 4173) into law. A section of the bill authorizes the Federal Reserve to issue regulations that ensure interchange fees imposed on debit card transactions are "reasonable and proportional." It will allow merchants to set minimum amounts (not to exceed $10 per transaction) for credit card usage and offer customers discounts for use of cash, checks and debit cards, directly passing on the savings to consumers. Click here for Q&A on credit/debit card reform.
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