The Board of Governors of the Federal Reserve System has decided to extend the recordkeeping and disclosure requirements under Regulation II for another three years without changes. This regulation mainly affects debit card issuers, who must manage and update fraud-prevention policies annually, and also inform their payment card networks about their fraud-prevention status. The Board published this proposed extension earlier in the year, and after a 60-day comment period, they received positive feedback supporting the continuation of these requirements.
Simple Explanation
The Federal Reserve Board has decided to keep the same rules in place for debit card companies to handle and report how they stop bad guys from cheating people with cards, for three more years. People liked this idea when they were asked about it, so the rules are staying the same.