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.
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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.
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