Vote to adopt an amendment to S 782 that repeals certain regulations governing electronic debit card transactions.
Repeals all regulations proposed or prescribed by the Board of Governors of the Federal Reserve System after July 1, 2010 regarding electronic debit card transactions (Sec. 5).
Requires a study to be conducted within 6 months of the effective date of this bill evaluating certain aspects of the Electronic Fund Transfer Act including, but not limited to, the following (Sec. 4):
All fixed and incremental costs associated with debit card transactions on card issuers and payment card networks; and
The overall impact of regulating interchange fees on consumers including, but not limited to, the following:
The impact on consumer protection; and
The impact on retail prices from changed interchange rates.
Requires the Board of Governors of the Federal Reserve System to issue new rules based upon the study's findings no later than 6 months after the date of submission of the study's report to Congress (Sec. 5).