Since 2011, the Federal Reserve Board has been required by law to determine if debit card acceptance fees paid by merchants and received by US financial institutions with $10 billion or more in assets are reasonable and proportional to the cost of processing a transaction. On Wednesday, October 25, 2023, the board proposed its first-ever change in the cost analysis. It also requested comment on the proposal. The new cap on fees received by debit card issuers in the $10-billion asset category would be a 28% drop from the current cap. Using a $50 debit card transaction for comparison, issuers...