Request for comment on adequacy of disclosures on debit card fees

FEDERAL RESERVE SYSTEM [Docket No. OP-1196] AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice of Study and Request for Information. SUMMARY: The Board is conducting a study about disclosures of debit card fees, at the request of members of the United States Senate Committee on Banking, Housing, and Urban Affairs. In connection with the study, the Board solicits comment on whether the existing disclosures required by the Electronic Fund Transfer Act adequately inform consumers of fees imposed by a financial institution that holds the consumer’s account and has issued a debit card (“account-holding institution”) when the debit card is used to make a purchase from a merchant (or other provider of services). The Board also seeks the public’s views on the need for, and the potential benefits of, requiring additional disclosures in each periodic account activity statement to reflect fees imposed by account-holding institutions for debit card use. Lastly, the Board seeks comment on the benefits of requiring disclosure of the amount, source, and recipient of each such fee, as well as a summary of the total amount of such fees for the period, and calendar year-to-date. DATES: Comments must be received on or before July 23, 2004. ADDRESSES: You may submit comments, identified by Docket No. OP-1196, by any of the following methods: • Agency Web Site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http: ...