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Hard news on debit card interchange was hard to come by this week as Congress finished its first week of recess and the Federal Reserve's April 21 deadline for issuing a final rule came and went like a passing stranger in a crowd.
April 21 was to be the critical day in the life (or death) of the Durbin Amendment. "Delay Durbin" proponents, Sen. Durbin himself and the courts considering the TCF lawsuit all are awaiting a final rule before calculating next moves. We all know Chairman Bernanke told Congress weeks ago the Fed would not meet the Dodd-Frank April 21 deadline, but no one (including
Bernanke?) has any firm guess on when exactly the Fed will issue the final rule. Bernanke conducts his first ever "press conference" next week. Stay tuned here to see if he is asked about the final rule's timing and if he actually "makes news" here.
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