Page 694

124 STAT. 2068 PUBLIC LAW 111–203—JULY 21, 2010

(b) REPORT AND RECOMMENDATIONS.—Not later than January
31, 2011, the Secretary of the Treasury shall submit the report
and recommendations required under subsection (a) to the Com-
mittee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Represent-
atives.

SEC. 1075. REASONABLE FEES AND RULES FOR PAYMENT CARD TRANS-
ACTIONS.
(a) IN GENERAL.—The Electronic Fund Transfer Act (15 U.S.C.
1693 et seq.) is amended—
15 USC 1693p, (1) by redesignating sections 920 and 921 as sections 921
1693q. and 922, respectively; and
(2) by inserting after section 919 the following:

15 USC 1693o–2. ‘‘SEC. 920. REASONABLE FEES AND RULES FOR PAYMENT CARD TRANS-
ACTIONS.
‘‘(a) REASONABLE INTERCHANGE TRANSACTION FEES FOR ELEC-
TRONIC DEBIT TRANSACTIONS.—
‘‘(1) REGULATORY AUTHORITY OVER INTERCHANGE TRANS-
ACTION FEES.—The Board may prescribe regulations, pursuant
to section 553 of title 5, United States Code, regarding any
interchange transaction fee that an issuer may receive or charge
with respect to an electronic debit transaction, to implement
this subsection (including related definitions), and to prevent
circumvention or evasion of this subsection.
‘‘(2) REASONABLE INTERCHANGE TRANSACTION FEES.—The
amount of any interchange transaction fee that an issuer may
receive or charge with respect to an electronic debit transaction
shall be reasonable and proportional to the cost incurred by
the issuer with respect to the transaction.
‘‘(3) RULEMAKING REQUIRED.—
Deadline. ‘‘(A) IN GENERAL.—The Board shall prescribe regula-
Standards. tions in final form not later than 9 months after the date
of enactment of the Consumer Financial Protection Act
of 2010, to establish standards for assessing whether the
amount of any interchange transaction fee described in
paragraph (2) is reasonable and proportional to the cost
incurred by the issuer with respect to the transaction.
‘‘(B) INFORMATION COLLECTION.—The Board may
require any issuer (or agent of an issuer) or payment
card network to provide the Board with such information
as may be necessary to carry out the provisions of this
subsection and the Board, in issuing rules under subpara-
graph (A) and on at least a bi-annual basis thereafter,
shall disclose such aggregate or summary information con-
cerning the costs incurred, and interchange transaction
fees charged or received, by issuers or payment card net-
works in connection with the authorization, clearance or
settlement of electronic debit transactions as the Board
considers appropriate and in the public interest.
‘‘(4) CONSIDERATIONS; CONSULTATION.—In prescribing regu-
lations under paragraph (3)(A), the Board shall—
‘‘(A) consider the functional similarity between—
‘‘(i) electronic debit transactions; and

LAWS ‘‘(ii) checking transactions that are required within the Federal Reserve bank system to clear at par; ‘‘(B) distinguish between—PUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00694 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203