The Wall Street Reform and Consumer Protection Act of 2010 requires that the amount of any interchange transaction fee that an issuer may receive or charge with respect to an electronic debit transaction,including those on debit cards issued by small banks and prepaid reloadable cards,must be reasonable and proportional to the cost incurred by the issuer,as determined by the Federal Reserve.

Question

Quizplus · Accepted Answer

The Wall Street Reform and Consumer Protection Act of 2010, also known as the Dodd-Frank Act, exempts issuers with assets of less than $10 billion from the interchange fee standards, meaning small banks and certain prepaid reloadable cards are not subject to these fee limits.