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The Federal Reserve Board has reached out to credit union trade associations as part of its first steps toward crafting a cap on debit card interchange.

Executives with both CUNA and NAFCU confirm that they have met with Federal Reserve regulators charged with developing the debit-interchange regulation and that the regulators have sought their input. Sources have also confirmed that the central bank will distribute a survey to both the large-asset debit card issuers and debit card processors to gather data about how the issuers have structured their debit card programs and how the processors handle debit card transactions.

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