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Madison newspaper CUNA leading voice on interchange
MADISON, Wis. (7/8/10)--The Credit Union National Association (CUNA) has “emerged as a leading voice of opposition to the financial services reform package, saying the swipe fee provision is onerous enough that the entire bill should be scrapped,” according to Sunday’s The Capital Times, a Madison, Wis.-based paper. In a letter to Congress, CUNA said that imposing a debit card fee limit “upsets the carefully constructed balance that the bill has achieved,” and would significantly harm credit unions and their members, the newspaper reported. The House version of the bill passed late last month excludes some credit unions and community banks with assets of less than $10 billion from the debit card fee limit, the paper said. However, the exclusion is rendered meaningless because of the complex ways interchange fees are calculated, and because there is no mechanism to make sure there will be a separate fee system for large and small users, the CUNA letter said. Therefore, the system eventually would include all cards and hurt the income stream for credit unions, CUNA added. To read the article, use the link.
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