Saying that the House didn't have the chance to fully consider the implications of debit interchange caps, House Financial Services Committee member Kenny Marchant (R-Texas) questioned Federal Reserve Chairman Ben Bernanke about the possibility of delaying the regulations.
In a letter, Marchant asked Bernanke if the Fed has the authority to delay implementing a final rule and whether it has enough time to consider all the factors regarding interchange fees, including the impact on small financial institutions. He also asked how the Fed will enforce the exemption for institutions with less than $10 billion in assets.
Marchant also asked if there is a role for banking regulators–such as the NCUA–in reviewing debit card revenue and consumer checking accounts.
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