WASHINGTON — House Financial Services Committee Chairman Spencer Bachus urged credit union advocates to lobby members of Congress, especially in the Senate, to lessen the impact of the Federal Reserve's proposal on debit interchange.
"People want to know the person who is making them a loan," Bachus (R-Ala.) said during a speech at CUNA's Governmental Affairs Conference. "If we don't get it [debit interchange] right, that credit union or community bank in your town isn't going to be there and you will be left with larger institutions."
He didn't say what, if anything, the House might do to try to slow down the Federal Reserve's issuing of a new rule that would limit debit interchange fees. The Fed has issued a proposed rule, as required by the financial overhaul bill that Congress passed last year.
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