House and Senate Conferees agreed to a final version of the financial reform legislation that includes controversial language mandating the Federal Reserve to set debit card interchange rates at a "reasonable level."
Credit unions widely opposed this language and both CUNA and NAFCU have announced they will oppose the financial reform bill with this language in it.
The measure includes a new Consumer Financial Protection Bureau to regulate consumer financial products. Financial institutions with assets of less than $10 billion, including some banks and almost all credit unions, will be subject to the agency's rules but the enforcement will be done by their regulators.
The bill also included adding the head of NCUA to a council of regulators charged with determining systemic risk.
The measure moves now to the House and Senate for final approval.