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LSCU discusses what fed overhaul means on local IABCI
TALLAHASSEE, Fla., and BIRMINGHAM, Ala. (7/21/10)--The League of Southeastern Credit Unions (LSCU) was featured on a local ABC news station for a story about regulatory reform and interchange fees. LSCU’s vice president of communications, Mike Bridges, discussed what the fed overhaul means on the news station WTXL four times--three times on Friday and once on Monday, the league said. The 2,300-page federal regulatory reform bill, passed Thursday, allows the government to set interchange fees. The Credit Union National Association and credit unions have opposed the language in the reform bill that allows this because they argue that it would be more difficult for credit unions to offer card products and services to members. Bridges told ABC that because of the new interchange rules, there’s fear that while retailers may see reduced rates in their fees, it doesn’t mean that the savings will be passed on to consumers. Also, there’s a cost to credit unions and banks if lower transaction fees would mean fees for consumers, he added. “[The bill] could cause credit unions who issue those cards to put a small fee back onto their members,” he said.
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