Fed Will Miss April Debit Fee Rule Deadline
According to Dave Clarke at Reuters, debit regulation rules won't happen by April deadline...
* Bernanke says Fed will miss April rule issue deadline
* Says Fed hopes to have rule done by July 21
* Merchants groups encouraged by July commitment
* Banks urge delay (Adds industry consultant reaction)
WASHINGTON, March 29 (Reuters) - The Federal Reserve will not meet an April 21 deadline for issuing a final rule cracking down on the fees banks charge merchants when a debit card is used, Fed Chairman Ben Bernanke said in a letter to U.S. lawmakers on Tuesday. The reduction in fees is required under the Dodd-Frank financial reform law.
