Timeline

 December 9, 2010

A bipartisan group of 13 Senators sign a letter to Fed Chairman Ben Bernanke expressing concern about unintended consequences of the pending Fed rule.

 December 15, 2010

Rep. Barney Frank sends a letter to Fed Chairman Ben Bernanke expressing his concern about unintended consequences of the pending Fed rule for consumers.

 December 16, 2010

The Federal Reserve holds a hearing on its draft rule on debit interchange, during which the Fed staff that drafted the rule acknowledged that consumers could be harmed by the rule.

 December 17, 2010

New House Financial Services Chairman Spencer Bachus and Rep. Jeb Hensarling send a letter to Fed Chairman Ben Bernanke expressing concern about unintended consequences of the Fed rule for consumers and small financial institutions.

 January 20, 2011

Representative Barney Frank indicates that he is willing to work with House Republican leadership on a “fix” to the Fed rule.

 February 17, 2011

House Financial Services Subcommittee on Financial Institutions and Consumer Credit holds a hearing to discuss the consequences of the Fed rule.

 February 22, 2011

Public comment period on the Fed debit card rule ends.

 March 2, 2011

House Financial Services Subcommittee on Financial Institutions and Consumer Credit holds a hearing to examine the consequences of the Dodd-Frank Act on small financial institutions.

 April 21, 2011

The Fed issues the final debit card rule.

 July 21, 2011

Implementation of the Fed rule begins for debit card issuers.