Fed Weighs Changes to Debit Rules as Swipe-Fee Battle Rages On

The Federal Reserve is weighing changes to its rules governing debit cards as the battle over the fees merchants pay each time a consumer makes a purchase intensifies.

The central bank on Friday asked for public comment on an amendment that would require banks to make sure two payment networks are available on their debit cards for online purchases.

At the heart of the issue is the Fed’s Regulation II, which requires banks to put two unaffiliated networks on every debit card they issue. Retailers, in turn, are supposed to have the ability to choose which network handles a transaction. ...