Under the ________, the Federal Reserve Board determines what constitutes a reasonable and proportional fee for debit card transactions.

Question

Quizplus · Accepted Answer

The Dodd-Frank Act, also known as the Wall Street Reform and Consumer Protection Act, includes a provision known as the Durbin Amendment. This amendment requires that the Federal Reserve Board establish reasonable and proportional fees for debit card transactions. Therefore, under the Dodd-Frank Act, the Federal Reserve Board determines what constitutes a reasonable fee for these types of transactions.

Under the ________, the Federal Reserve Board Determines What Constitutes