CUNA and NAFCU said Wednesday's defeat of an amendment by Sens. Jon Tester (D-Mont.)and Bob Corker (R-Tenn.) to delay the implementation of the Federal Reserve's rule regulating debit interchange fees would hurt credit unions and other financial institutions.
The failure to pass the measure, which received 54 votes, six short of the 60 needed under Senate rules, "is going to create a train wreck that will affect every consumer with a debit card,'' CUNA President/CEO Bill Cheney said in a statement.
"Much as they would prefer not to, credit unions will have no recourse but to make up these costs by imposing new fees or service restrictions on their members. How are consumers better off under this scenario? The plain fact is they are not,'' he added.
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