WASHINGTON — Skeptics dominated a conference on the impact of a proposed cap on debit interchange that was held on the same day Federal Reserve Chairman Ben Bernanke informed Congress that the Fed will miss an April 21 deadline to announce the regulation's final version.
PYMNTS.com sponsored the March 29 conference, titled "The Fed's Proposed Debit Card Regulations: Are They Reasonable and Who Will Win or Lose" for about 100 executives and academics from universities, financial institutions, trade associations, retailers and regulatory bodies.
Bernanke's admission that the Fed would miss the deadline for the rule's final version, even though it came after the conference had ended, appeared to validate many of the participants' opinions that the rule is a poorly written way to implement a poorly considered statute included in last year's Dodd-Frank financial reform law.
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