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Credit unions got a bit of good news when the Federal Reserve reversed itself and announced that debit interchange fees will be capped at 21 cents a transaction, up from the original proposal of 12 cents, with a 1 cent fee for fraud prevention and a five basis point allowance for fraud costs.

The rule, which the Fed approved 4-1 on June 29, takes effect on Oct. 1. It is the culmination of extensive debate on Capitol Hill and at the Fed, which was triggered by the Durbin amendment to last year’s financial overhaul bill that required the Fed to issue a rule that capped interchange fees.

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