The Fed is holding their meeting today and it is supposed to be webcast - however, the Fed's website just kind of takes you in circles....has anyone been able to find where the link actually is?

In the past, the link doesn't show up until very close to start of the webinar.

When I registered for the session I had to provide all sorts of personal info "for security purposes" (as if I were going to attack a board member from my office on Cape Cod!) But I haven't heard from anyone saying I can log in. I wonder if maybe they consider me a threat!

http://www.federalreserve.gov/

There's a link under the Features section, middle of page. The channel is off the air at the moment, but it looks like it's where we'll want to be as 2:30 ET approaches.

On line and listening - OMG - are you serious?

H3LL, let's just go to nationalized banking! And I'm not hearing anything yet that is helping the banks under $10B....

Simply Amazing - $0.12 per swipe maximum! Here is the story:

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=ak8uO6QM67fc#

Well, they are only proposals so far, but the market is already assuming that there will be major reductions in debit card interchange. Theoretically, it only affects the bigger issuers (with assets of $10 B or more), but it will, I think, rapidly put downward pressure on all issuers' interchange as merchants get more choice on routing transactions.

Right John - for one to suggest that this only affects larger banks is like saying that Wal*Mart's pricing does not affect a local hardware store's pricing flexibility. This is just one more blow to the ability for banks to earn revenue, at a time when hundreds of banks nationwide are trying to attract capital. If you were being courted to invest in a bank, would this make you more or less likely to do so?

They said in the meeting (and I'm paraphrasing) that it will be up to the processors to offer the two networks (one for banks over and one for banks under), but they also said, candidly, that they thought processors would likely only offer one, forcing the under in to that network. In their price fixing, I mean price setting, conversation, there was no mention of the distinction between the two groups either.

I was encouraged however, to hear at least two of the governors question where the Act told the FRB to specificy enter in to price setting.....

I don't know - just gotta hope this gets watered down . . . . . anyone else listen to the meeting - did you come away with any positives for us small banks (>$100MM_

Well, you may have a good excuse not to have to maintain and administer a debit card rewards program. You won't be able to afford to offer it any more!

I didn't really see much good news for the consumer in the proposal, either. I can't really believe that average retail price levels will be reduced just because the merchant doesn't have to pay as much in interchange fees.

This proposal is a HUGE challenge to the industry to comment forcefully and rationally. And frankly, to lobby Congress to repeal §1095 of DFA.

In my area gas stations have been charging an additional .10 a gallon for credit cards. They are going to have a hard time justifing the addiional charge. I can see state AG's going after them.

Well at least VISA is going to try - our cards are MC branded so would like to see the same commitment from them.

From the Editors of American Banker
Visa Plans Two-Tiered Interchange Rates Following Fed Rules
Visa Inc. said it plans to implement a dual interchange schedule for issuing banks and credit unions in the wake of debit interchange regulation.
Analysts say the move will put community banks and credit unions at an advantage over larger institutions. Last month, the Federal Reserve Board debuted its proposal to restrict interchange fees on debit cards at around 12 cents for institutions of $10 billion or more in assets. Smaller companies would not be restricted.