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The Restoring American Financial Stability Act passed the Senate on July 15 and was signed into law by President Obama on July 21. Attached to this sweeping legislation is an interchange amendment largely unchanged from the Senate bill passed on May 13 that will probably necessitate credit unions accept lower interchange rates on their debit and credit cards, to the tune of $30 per card per year by one estimate.

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Peter Westerman

Credit Union Times

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