Quote of the Day: “It’s a good first start”

“It’s a good first start,” Michael Cook, Wal-Mart vice president and treasurer, said of the Federal Reserve Board’s final rule capping interchange at 21 cents per transaction plus a few cents to cover fraud costs and for meeting certain Fed standards. Previously, debit interchange averaged 44 cents per transaction. He made the comment at the recent ATM, Debit & Prepaid Forum, where he told attendees legislation to cut debit interchange did not go far enough.