Saying he wants a system where financial services institutions "compete on price and quality, not on tricks and not on traps," President Obama last Wednesday signed a financial overhaul bill some consider the most comprehensive legislation of its kind since the 1930s.
Although the credit union trade associations opposed the measure, mostly because of the provision allowing the Federal Reserve to regulate interchange fees, CUNA President/CEO Bill Cheney attended the signing. NAFCU President/CEO Fred Becker was invited to attend but didn't because he was attending his group's annual conference in Chicago.
NCUA Chairman Debbie Matz, who supported the measure and worked with congressional leaders to craft parts of the 2,300-page bill, was there and praised the final product.
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