Federal Reserve Chairman Ben Bernanke has been asked by House Financial Services Committee member Kenny Marchant (R-TX) about the possibility of tabling debit interchange fee caps, according to the Credit Union Times.
In a letter, the media outlet reports that Marchant expressed concern that the House did not have enough time to completely evaluate the impact of new debit card regulations, particularly on small financial institutions. Marchant went on to inquiry the extent to which banking regulators, like the National Credit Union Association (NCUA), would be involved in analyzing debit profiles and customer checking accounts.
“He also asked how the Fed will enforce the exemption for institutions with less than $10 billion in assets,” reported the Credit Union Times. “Marchant said he hopes the debit interchange fee cap does not cause a ‘situation where consumers are pushed out of their checking accounts because they cannot afford the access or maintenance fees and, in turn, rely primarily on payday lenders and check cashing services.'”
On Feb. 17, the House Financial Services Committee will hear testimony regarding the Fed’s proposal for new debit interchange fees. According to a list obtained by Reuters, panelists will include Fed Governor Sarah Raskin, Visa General Counsel Joshua Floum, 7-Eleven Inc Vice President and Treasurer David Seltzer and Commerce Bancshares Inc (CBSH.O) Chief Executive David Kemper.
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