National News

Fed Chairman reiterates concern over Durbin amendment

Federal Reserve Board Chairman Ben Bernanke reiterated on May 12 before the Senate Banking Committee his concerns about the effectiveness of the small bank exemption embodied in the debit interchange rule. Bernanke said he “can’t say with certainty” that the exemption will work, that there “are market forces that work against it,” and that there is “good reason to be concerned.” American Bankers Association President/CEO Frank Keating followed up with this statement: “The potential harm to community banks . . .

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