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Articles by Myron Schwarcz
Lower debit card interchange fees to challenge all financial institutions
As lawmakers continue to debate sweeping changes to credit card network requirements, the immediate focus for financial institutions has shifted toward a Federal Reserve proposal that would cut into revenue tied to debit cards. The Fed is seeking comments on a proposal that would slash covered financial institutions’ interchange revenue by nearly 30%. The proposal, combined with a recent clarification of rules for card-not-present debit transactions, could spell trouble for all debit card issuers.
Lower Debit Card Interchange Fees to Challenge All Financial Institutions
3 minutes Even small institutions need to consider the impact and speak out. As lawmakers continue to debate sweeping changes to credit card network requirements, the immediate focus for financial institutions has shifted toward a Federal Reserve proposal that would cut into revenue tied to debit cards. The Fed is seeking comments on a proposal that would slash covered financial institutions’ interchange revenue by nearly 30%.
DAKOTA CREDIT UNION ASSOCIATION
A summary of Fed final guidance – card issuers need to pay attention to this and should actively engage their government relations areas before it is too late.
Reg II 2.0 Revealed: A Summary of the Fed’s Final Guidance
Guest editorial by Myron Schwarcz, Chief Product Officer, and Keith Ash, Senior Vice President, at Strategic Resource Management It has been almost a year and a half since the Fed had requested public comment on a “non-substantive” proposed amendment to Regulation II that would 1.) specify that the prohibition on network exclusivity applies to card-not-present debit card transactions, 2.) clarify the responsibility of the issuer to enable at least two unaffiliated networks to comply with the...
Durbin Bill Aims to Fundamentally Change the Credit Market, Causing Disaster for Industry
Guest editorial by Myron Schwarcz, Chief Product Officer, and Keith Ash, Senior Vice President, at Strategic Resource Management Ever since the Durbin Amendment upended the debit card industry in 2010, insiders have speculated that Sen. Richard Durbin (D-Ill.) would eventually pursue similar changes to the credit card industry. Sen. Durbin made it known during a May 2022 Senate Judiciary Committee meeting that credit card reform was in his crosshairs.
Durbin Bill Aims to Fundamentally Change the Credit Market
Since upending the debit card industry in 2010, interchange is now targeting credit cards and that could prove to be a disaster for the industry. by Myron Schwarcz and Keith Ash, Strategic Resource Management (SRM) Ever since the Durbin Amendment upended the debit card industry in 2010, insiders have speculated that Sen. Richard Durbin (D-Ill.) would eventually pursue similar changes to the credit card industry. Sen.
How the election will impact 2021 payments strategy
Regulations, faster payments and uncertainty will all be at play. Let’s begin by stating the obvious: This will not be a normal election season. As it has for so many aspects of everyday life, COVID-19 has radically altered the basics of voting—from a huge uptick in advance and absentee ballots to the near-elimination of traditional campaign rallies. We know that markets hate uncertainty—and that’s one thing in ample supply these days.
Durbin 2.0 - Creating Clarity or Confusion?
Despite the Fed’s stated desire for a basic clarification of Durbin’s requirements, the wheels are in motion for regulatory change. Card issuers, don’t blink! by Myron Schwarcz and Keith Ash, Strategic Resource Management (SRM) Rumor is that a further tightening of the Durbin Amendment is on the near-term horizon for card issuers. The most concrete evidence is the Fed’s May request-for-comment on regulations for debit routing of online transactions.
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