Federal Reserve Chairman Ben Bernanke told lawmakers today that the central bank won't be able to make the April 21 deadline for releasing a final rule to regulate interchange fees.
He cited the large volume of comments–11,000 letters–and questions raised about the impact of the proposed rule as reasons why the Fed won't make the deadline. But he did say that they plan to issue a rule before the July 21 deadline for when the rule is to take effect.
He wrote leaders of the Senate Banking and House Financial Services committees that the Fed is "reviewing these comments and the issues they raise very carefully," and because of that they will miss the deadline.
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