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Last week credit unions and banks failed to muster the votes to even delay the interchange fee cap regulation by a year. One could argue it was a failure of the American political structure that grants some groups or individuals inordinate amounts of power.

But the real failure was the lobbying. The retailers play in exactly the same field but apparently know the game better. Credit unions by themselves are not necessarily a force to be reckoned with–though they can grow to be–but combined with the bankers they should be virtually unstoppable.


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