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Durbin Amendment Update Federal Reserve Issues Proposed Regulations Jan/Feb 2011 pulsationsThe Debit News MagazineSM Durbin Amendment Update Federal Reserve Issues Proposed Regulations he Dodd-Frank Wall Street Reform and Consumer Protection Act, which includes the T Durbin Amendment, promises to deliver sweeping changes across the U.S. payments industry. Financial institutions, merchants, electronic payment networks and consumers all will be affected by the new reform regulations scheduled to take effect on July 21, 2011. The Durbin Amendment directs the Federal Reserve Board (FRB) to issue regulations limiting debit card interchange fees received by card issuers with $10 billion or more in assets and restricting exclusive arrangements between issuers and debit networks. The legislation also authorizes the FRB to regulate network fees to prevent networks from using fees to circumvent the restrictions on debit interchange. It also gives merchants the right to direct the routing of debit transactions. Two provisions of the amendment took effect immediately. One prohibits payment networks from enacting rules that prevent merchants from offering discounts or in-kind incentives for pay- ing with cash, checks, debit cards or credit cards. Such discounts or incentives cannot differentiate on the basis of the card issuer or payment net- work. The second provision allows merchants to set a minimum value for credit card transactions as long as the minimum does not differentiate between issuers or networks, or exceed $10. (continued on page 10) Reframing the Value of Depository Relationships The Intersection of Fees, Contact Channels and Loyalty s the U.S. economy emerges from a recession, consumers are looking for value in everything they buy, including financial services. Non-traditional service providers are entering the market as never before, and consistent service and product Adelivery are key to reinforcing customer loyalty. This was the primary take-away from the 2010 PULSE Debit Performance Webinar Series, “Maximizing Your Depository Relationships,” presented by Patricia Hewitt, director of Debit Advisory Service for Mercator Advisory Group. (continued on page 9) Debit Continues to Discover® Debit Managing Future Gain Popularity Offers Greater Fraud and Recovery Page 7 Profit Potential, Page 11 More Opportunity Page 8 VIEW FROM THE TOP Dear PULSE Participant, assage of the Durbin Amendment as part of the Dodd-Frank Act is expected to result in significant changes to the electronic payments industry. Rather than Pstand idle as the Federal Reserve Board (FRB) developed regulations related to the amendment, PULSE has been at work behind the scenes, offering our expertise, conducting analyses and developing strategic plans to support our financial institution participants. One of the first steps we took was to provide input to the FRB Operations staff as they gathered the background information. We also provided responses to survey questions submitted by the FRB to PULSE and other payment networks, and we met with FRB staff Dave Schneider prior to the release of proposed regulations. As the rule-making process advances, we will continue our active dialogue with the FRB in an effort to highlight the interests and concerns of network participants. PULSE’s approach to Durbin has been and will continue to be a three-pronged “I believe PULSE strategy. First, ensure that the interests and concerns of our network participants are communicated effectively. Second, provide information and resources to keep our can be of greatest network participants fully informed. Third, develop and promote effective solutions for responding to the requirements of Durbin. value to our We have launched a comprehensive communications initiative for our participants that will continue to deliver news and expert analysis as the regulatory process advances. participants by Communications channels include: • Debit Regulations Webinar Series – Part of our ongoing PULSE Academy® program, delivering these webinars will provide insights and guidance during the development and implementation of the regulations. solutions for • Participant Briefings – Status updates will be provided to PULSE participants as new developments occur. responding to • Dedicated Resource Website – This microsite within the PULSE website compiles amendment-related news, facts and analysis from third-party industry experts Durbin . .” (to access the site, go to www.pulsenetwork.com/debitregs). • White Papers – We will publish a thorough analysis of the impact these regulations will have on participants, as well as white papers on other critical topics facing financial institutions in a post-Durbin marketplace. A selection of white papers is already available on our Durbin Amendment Resource Center site. I believe PULSE can be of greatest value to our participants by delivering solutions for responding to Durbin and maximizing the value of debit. We will do everything possible to preserve debit’s status as a valuable and growing form of payment. Thank you for your continued support of PULSE. Sincerely, Dave Schneider President All debit all the timeSM 2 PROFESSIONAL DEVELOPMENT PULSE Programs Deliver Value to Attendees on a Variety of Topics ne of the most important value- 2010 Programming In fiscal 2010, these programs were added services PULSE offers Programs offered last year include: attended by more than 6,200 individuals Onetwork participants is access to • PULSE Academy sessions on customer from over 2,400 financial institutions, a a range of professional development service, payments revenue generation significant increase over 2009 attendance. programs. and PULSE Internet PIN Debit “Planning is well under way on our 2011 From PULSE Academy® sessions to • Two Debit Performance Webcast professional development lineup, which our Debit Performance Webinar Series to Series: one on managing chargebacks will emphasize high-interest payments the new Insights & Solutions eForums and another on maximizing deposi- topics, revenue generation strategies and introduced in 2010, PULSE’s professional tory relationships (see article, page 1) the impact of the Durbin Amendment,” development program features a wide • Two Insights & Solutions eForums: said Steve Sievert, PULSE senior vice presi- variety of topics and formats from which Managing Change After an Economic dent of Communications and Marketing. to choose. All sessions are offered at no Downturn in April, and Managing To be added to our professional charge to network participants. Replays Future Fraud and Recovery in October development contact list, or to suggest of past sessions are available for (see article, Page 11) a topic for a future session, e-mail on-demand accessibility. [email protected]. For more information on available programs, visit the Professional Development section of the PULSE website at www.pulsenetwork.com/pd, or contact Melissa Voelkner at [email protected]. Free Videos Promote Debit Card Use ooking for exciting new ways to promote debit card use to your Laccount holders? PULSE is making available to network participants the videos entered into the DebitFacts.org “Are You Debit Smart?” Video Contest. To view all contest videos, go to www.debitfacts.org, mouse over “Are You Debit Smart?” in the site navigation and select “View Qualifying Video Entries.” To view the winning videos, visit www.debitfacts.org/are-you-debit-smart/ winners. To embed the video of your choice, go to the page on DebitFacts.org that contains the video, right click on the video and select “copy embed html.” For instructions on how to use this code to embed the video into your website, visit www.youtube.com/youtubeonyoursite. 3 p u l s e n e t w o r k . c o m Get More from Your Debit Program Oliver Wyman offers strategies for increasing debit profitability ebit has consistently been the U.S. Debit and Credit Purchase Volume fastest-growing payment income source for financial institutions over D 2,000 40% the last decade. Debit transactions increased an average of 20 percent per 1,500 30% year from 2000 to 2006, according to the Federal Reserve Payments Study published in 1,000 20% 2004 and 2007. Even during the economic downturn of 2008 and 2009, debit volume 500 10% Debit, % of total continued to rise at high single-digit Transactions, billion growth rates, while credit spending saw 0 0% significant declines. 2003 2004 2005 2006 2007 2008 2009E To aid our financial institution partici- pants in maximizing the value of their Credit Debit Debit (as % of total) debit programs, PULSE released Debit Source: The Nilson Report Growth Strategies, a report from leading independent management consulting Where to Begin rewards programs. Currently, 58 percent firm Oliver Wyman. As demonstrated The first step is to take an in-depth of institutions report offering some type in the white paper, institutions that are look at your debit program to understand of debit-related rewards program. However, committed to optimizing their debit card the basic drivers behind it, and how your others cite cost as a barrier to adopting programs realize two substantial benefits: institution performs compared to your similar programs. Merchant-based rewards higher revenue and improved account peers. Based on this evaluation, you are one option to defray the costs holder relationships. establish a baseline and identify strategies associated with rewards. that are relevant to your cardholders. Debit remains the fastest-growing Debit as a Revenue Generator payment source, and the preferred method According to
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