Bernanke Questions Small-Bank Swipe Fee Exemption

Law360, New York (February 17, 2011, 3:47 PM EST) -- Federal Reserve Chairman Ben Bernanke expressed doubt Thursday that an exemption built into a proposed rule capping debit card interchange fees would help small banks, while a Fed governor said the central bank may alter the rule entirely.

In response to tough questioning from both Republicans and Democrats on the Senate Banking Committee on its proposal to restrict debit card interchange fees — the fees banks charge merchants for debit card transactions — to 12 cents per swipe, Bernanke said exempting small banks from that requirement...
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