NAFCU President/CEO Fred Becker asked President Obama, Federal Reserve Chairman Ben Bernanke and NCUA Chairman Debbie Matz to "express any concerns you may have," about the amendment that would give the Fed the power to regulate interchange fees.
Becker wrote the three officials that the amendment, which is in the Senate-passed version of the regulatory overhaul bill, "will create significant new problems for all financial institutions, especially credit unions."
Becker sent separate letters to Obama, Bernanke and Matz, and added that "any reduction in interchange fee income will ultimately harm our member-owners."
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