RILA Letter on Federal Reserve Debit Reduction Proposal

Fed must do more to rein in excessive fees

RILA filed comments with the Federal Reserve explaining our support for the Board’s proposal to reduce the base debit interchange from $0.21 to $0.144. RILA’s comments also urge the Board to consider adopting a tiered approach that creates at least two rates: one for the largest banks with the lowest processing costs, and one for all other smaller banks.

Read RILA’s full comments to the Federal Reserve.

Download