The Federal Reserve Board announced today it will offer awebcast of next Friday's meeting at which it will discuss and voteto send out for public comment its proposed rule on the regulationof debit interchange fees.
The regulatory overhaul bill passed by Congress this year gavethe Fed the power to issue regulations relating to the price ofdebit interchange fees so that fees are "reasonable andproportional'' to the cost of the transaction.
Credit unions opposed the amendment and expressed concern thateven with the exemption for financial institutions with assets ofless than $10 billion they will be hurt because they will forced tolower prices to stay competitive with bigger institutions.
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