Credit Card Glossary: Terms and Definitions
A 2011 law that limits the transaction fees that large debit card issuers can charge merchants. A 2011 ruling by the Federal Reserve set the cap at 21 cents per transaction, plus 0.05 percent of the transaction amount. Only financial institutions with at least $10 billion in assets are subject to the law. Sen. Richard J. Durbin introduced the amendment as part of the Dodd-Frank Wall Street Reform and Protection Act.