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House Passes Financial Overhaul Bill

Despite intense opposition by credit unions and banks, the House today approved a comprehensive financial overhaul bill by a vote of 237-192.

By Claude R. Marx | Updated on June 29, 2010

Despite intense opposition by credit unions and banks, the House today approved a comprehensive financial overhaul bill by a vote of 237-192.

CUNA, NAFCU and the banks launched a strong campaign against the measure, mostly because it contains an amendment that authorizes the Federal Reserve to ensure that debit card interchange fees are “reasonable and proportional,” in relation to processing costs. It excludes credit unions and community banks with assets of less than $10 billion. It also allows merchants to set a minimum or maximum amount for each transaction and permits them to offer additional discounts for using a certain type of card or cash.

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