On July 21, 2010, President Obama signed the financial reform bill into law. Nine months hence the Federal Reserve will begin implementing some form of debit card interchange regulation. While this does not come as good news to most constituents in the payments industry, it is at the least a bracing wake-up call, if not a slap in the face, for payment professionals to get more involved in the political process.
Industry insiders agree the Durbin Amendment to The Restoring American Financial Stability Act of 2010. coming on the heels of the Credit Card Accountability Responsibility and Disclosure Act of 2009, is not the end of regulatory action on the payments sector.
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