How Proposed Interchange Fee Rate Caps will Affect Consumer Costs

In November 2023, the Federal Reserve Board proposed to further reduce debit interchange rates, which could lead to higher costs for consumers.In a recently-published white paper, Nick Bourke, the creator and former Executive Director of Pew Charitable Trusts’ Consumer Finance and Housing program, shows that the Federal Reserve Board’s proposed rule could increase consumers’ costs for checking accounts by $1.3 to $2 billion dollars.

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