Community Bankers Association of Illinois

Fed Not Able to Meet April 21st Debit Interchange Rulemaking Deadline
March 29, 2011

Federal Reserve Board Chairman Bernanke sent letters to Congress saying the Federal Reserve Board "will be unable to meet the Act's directive that the (Fed Reserve) Board issue final interchange standards by April 21." The Fed, however, is committed to meeting the Act's directive that they issue final rules regarding interchange fees, network exclusivity, and routing by July 21.

CLICK HERE for House Bachus-Frank letter.

CLICK HERE for Senate Johnson-Shelby letter.

The Fed received more than 11,000 comment letters on debit interchange! Fed Chairman Bernanke said, "we believe the information provided in these comments is important for assessing fully the effects of the proposed rule on the U.S. payments system and its users and providers."

Valuable information was provide by the ICBA and your CBAI, but most importantly at the grassroots level by community banks. You responded to the call to action and clearly explained the impact of this flawed legislation on your banks and customers.

Thank you for getting involved - you are making a difference!

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