Bernanke Reiterates Concerns On Small Debit Card Issuers
Federal Reserve Chairman Ben Bernanke again told lawmakers Thursday that “there are good reasons” to be concerned about whether the exemption for small debit card issuers on the debit interchange rule could work.
“It's going to affect revenue of small issuers. And it could result in some smaller banks being less profitable or even failing," Bernanke told the Senate Banking Committee in response to questions from Sen. Jon Tester (D-Mont.)
The lawmaker is sponsoring legislation that would delay the implementation of the Federal Reserve’s rule regulating debit interchange fees by two years while financial regulators, including the NCUA, study the issue.