WASHINGTON — Interchange is the tip of the regulatory burden iceberg.
That was the message that representatives of CUNA and NAFCU conveyed during their testimony before a House subcommittee last Wednesday. They indicated that if credit unions don't get regulatory relief, it will hurt their ability to serve members.
The Federal Reserve's proposed rule limiting debit interchange fees was the major topic in the testimony of all the witnesses, who represent an array of small financial service providers. But all the witnesses made sure to raise other points as well.
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