Bernanke’s comments in Senate Banking happened as the House Financial Services Committee was holding its hearing on implementation of the Durbin interchange amendment. Read the full story here.
That's All Folks!
5 years ago
Thursday, February 17
As reported by Credit Union Journal, Federal Reserve Chairman Ben Bernanke expressed doubt this morning on the workability of exemptions for credit unions and small banks from the debit interchange price controls required under the Dodd-Frank Financial Reform Act. He noted that the marketplace will likely drive transactions to lower-priced debit cards mandated for the institutions over $10 billion. Credit unions earned $2.6 billion in debit interchange last year. That's more than half of all credit union net income, and it easily exceeds interchange from credit cards.
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