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Credit union trade groups on Wednesday united with banks and credit card companies to battle the latest version of a bill to limit their income from interchange fees.
The bill, which has the backing of retailers, would require the Federal Reserve to issue regulations to ensure that large financial institutions cannot restrict the number of networks on which an electronic credit transaction may be processed to less than two unaffiliated networks, at least one of which must be outside of the top two largest networks, which are Visa and Mastercard.
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