13 Jan 2025
📋Federal Reserve Proposes Extension of Regulation II Compliance Requirements
Proposed Agency Information Collection Activities; Comment Request
Summary
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision the Recordkeeping and Disclosure Requirements Associated with Regulation II (FR II; OMB No. 7100-0349).
Agencies
- Federal Reserve System
Business Impact
$$ - Med
The proposed extension of recordkeeping and disclosure requirements under Regulation II directly impacts debit card issuers and payment card networks, necessitating compliance efforts that could incur significant costs. Stakeholders must evaluate their fraud-prevention policies and disclosure practices, influencing operational procedures and resource allocation.