OMB gives final approval on Fed’s interchange fee surveys

126px-US-FederalReserveSystem-Seal.svg_3The Office of Management and Budget granted final approval on Tuesday on interchange fee surveys proposed by the Federal Reserve that are mandated under the 2010 Dodd-Frank Act.

The surveys, which will be conducted every two years and to which a response is mandatory, seek to obtain information on the actual costs associated with interchange transaction fees charged or received by card networks and issuers in connection with debit transactions.

The Fed will release the percentage of total number of transactions, percentage of total value of transactions and average transaction value for exempt and non-exempt issuers obtained in the surveys.

In October, the Fed issued a notice for public comment on a proposal to extend the surveys.

Eight financial groups—in a joint letter to the central bank—suggested that the Fed modify instructions to allow affiliated processor costs to be reported at the issuer’s cost and to allow 90 days for completion. The central bank ultimately adopted the suggestions and will include the revisions in surveys from 2014 onward.

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