Federal Reserve System June 30, 2021 – Federal Register Recent Federal Regulation Documents

On May 13, 2021, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a proposal to amend Regulation II to clarify that the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions, clarify the requirements that Regulation II imposes on debit card issuers to ensure that at least two unaffiliated payment card networks have been enabled for debit card transactions, and standardize and clarify the use of certain terminology. The proposal provided for a comment period ending on July 12, 2021. The Board is extending the comment period for 30 days, until August 11, 2021.