Banking Groups Want Fed To Recalculate Interchange Fee

Law360, New York (August 28, 2012, 2:46 PM EDT) -- Bank lobbying groups asked the Federal Reserve Board to include costs incurred when handling international debit card fraud and customer complaints to its calculation of interchange fee adjustments in a letter released Tuesday.

According to the letter, which was sent Friday, the Fed does not include the costs banks incur in dealing with debit card fraud against U.S.-based consumers outside of the country, nor does it account for the costs linked to handling calls from customers when it calculates the ad valorem adjustment for fraud losses...
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