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I. INTRODUCTION
Since June 1, 2010, developments in the laws governing electronic payments have continued at a brisk pace. First, Congress passed a substantial overhaul of the regulation of all providers of financial services, including providers of consumer financial products and services, in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. 1 Congress included in the Act an amendment ("Durbin Amendment") to the Electronic Fund Transfer Act ("EFTA")2 offered by Senator Richard Durbin of Illinois, limiting the amount that issuers with $10 billion or more in assets could charge merchants for processing electronic debit transactions.3 It instructed the Board of Governors of the Federal Reserve System (the "Board") to promulgate regulations to implement the Durbin Amendment by April 2 1 , 201 1 .4 The Board published both a final rule and an interim final rule to implement the amendment on June 29, 2011.5
Meanwhile, in October 2010, TCF National Bank sued the Board in the United States District Court for the District of South Dakota6 challenging the constitutionality of section 1075, the Durbin Amendment.7 On June 29, 2011, the same day as the Board's announcement of the final and interim final rules to implement section 107 5, 8 the United States Court of Appeals for the Eighth Circuit upheld the district court's denial of the plaintiff's motion for summary judgment.9 Part II of this survey discusses the amendment, the Board's efforts to implement it,10 and the failed efforts to postpone the amendment's effective dates.
The second major development since the last survey was Congress's postponement to January 31, 2011, of the effective date of some provisions of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009,11 which our 2010 survey discussed in detail.12
The third major development involved promulgation by the Department of the Treasury of an interim final rule on garnishment for accounts containing federal benefit payments and a request for comments on certain issues on February 23, 2011. 13 The proposed rule was discussed at length in our 2010 survey14 Part III of this survey describes the final rule and the issues on which the Department requested comments.
Finally, the states have continued to enact new laws governing payroll and gift cards, despite the federal actions -...