Insights

Fed Might Miss Interchange Deadline

The new Republican Congress and the strong lobbying by the banking industry seems to be having some effect on the Durbin amendment.  Hope fully this is only a delay…

Federal Reserve Chairman Ben Bernanke said the central bank might miss its April 21 deadline to release a final rule on debit card interchange.  “We’ll have to take as much time as we need to do the appropriate rule,” Bernanke told the House Financial Services Committee, as reported by Bloomberg.  Bernanke, who was providing his semiannual monetary report to Congress, also said that the Fed wants to take into account the comments it has received.

Bloomberg reported separately that Sen. Richard Durbin (D-Ill.), who sponsored the provision in the Wall Street Reform Act requiring debit card interchange plan, said there is “no way to guarantee” that the Senate will not vote to repeal the plan.

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