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Dodd-Frank Act

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Citation Edit

Dodd–Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111–203, H.R. 4173 (July 21, 2010).

Overview Edit

[T]he Dodd-Frank Act assigned the FTC new enforcement authority for payment cards by adding new Section 920 to EFTA.[1] Among other things, the provision restricts practices related to debit and credit card transactions. For example, this provision addresses business-to-business relationships and interactions between merchants, networks, issuers, and acquirers in the payment card transaction process, and it restricts certain debit card interchange fees. Although this provision involves EFTA, it pertains to Regulation II rather than Regulation E.[2] The FTC has responsibility for enforcing the new requirements and regulations for payment card networks and certain other non-bank entities, such as non-federally chartered credit unions.

References Edit

  1. See Dodd-Frank Act §1075.
  2. The Board issued Regulation II. See Debit Card Interchange Fees and Routing, Final Rule, 76 Fed. Reg. 43,394 (July 20, 2011) (full-text), and Interim Final Rule, 76 Fed. Reg. 43,478 (July 20, 2011) (full-text). Under the Dodd-Frank Act, the Board retains rulemaking responsibility for these requirements. See Dodd-Frank Act, §1075.

Source Edit

  • Federal Trade Commission Enforcement Activities Related To Compliance With Regulation B (Equal Credit Opportunity), Regulation E (Electronic Fund Transfer), Regulation M (Consumer Leasing), and Regulation Z (Truth in Lending) During 2012 (May 2013) (full-text).

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