Collins State Bank pays $2,000 for flood insurance violations
Issued by FDIC
[Notice: The Introduction to Appendix A – Official Board Commentary – is included below this section of the regulation.]
(a) Authority. This part is issued by the Board of Governors of the Federal Reserve System (Board) under section 920 of the Electronic Fund Transfer Act (EFTA) (15 U.S.C. § 1693o-2, as added by section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010)).
(b) Purpose. This part implements the provisions of section 920 of the EFTA, including standards for reasonable and proportional interchange transaction fees for electronic debit transactions, standards for receiving a fraud-prevention adjustment to interchange transaction fees, exemptions from the interchange transaction fee limitations, prohibitions on evasion and circumvention, prohibitions on payment card network exclusivity arrangements and routing restrictions for debit card transactions, and reporting requirements for debit card issuers and payment card networks.
Official Board Commentary
Introduction
The following commentary to Regulation II (12 CFR part 235) provides background material to explain the Board’s intent in adopting a particular part of the regulation. The commentary also provides examples to aid in understanding how a particular requirement is to work.