The most important area of card acceptance impacted by The Dodd-Frank Act is the Federal Reserve oversight of interchange fees established by card issuing banks and MasterCard/Visa for the processing of debit card transactions. The impact on merchants’ costs to process is still unknown.
PCI DSS compliance is required of all entities that store, process, or transmit credit cardholder data, including financial institutions, merchants and service providers.
One of the key takeaways from the PCI Security Standards Council annual community meetings is that the Council is now opening up comments to diffuse and general user groups ranging from industry associations such as the National Retail Federation to alternative payment associations like NACHA.