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OCC Calls Interchange Proposal ‘Unnecessarily Narrow'

Posted on 3/8/2011

The OCC sent a comment letter to the Federal Reserve last week regarding the Fed's interchange proposal, saying that it takes "an unnecessarily narrow approach" to recovering costs that would be both allowable under the Dodd-Frank Act and a recognized and indisputable part of conducting a debit-card business.

"This [approach] has long-term safety and soundness consequences - for banks of all sizes - that are not compelled by the statute," the OCC wrote. "[W]e believe there is flexibility of the Board to consider alternative approaches that could enable debit card issuers to recover identifiable costs of conducting a debit card business."

The OCC urged the Fed "to reconsider and expand the types of transaction-specific costs that are clearly identifiable as part of conducting a debit-card business."

To view the letter visit:

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