GLENDALE, Calif.-"From interchange to shortchanged" is how one credit union CEO summed up the results of last week's Senate vote that defeated a proposal that would have delayed cuts in debit fees being enacted by the Federal Reserve.

The Fed is now expected to enact a final rule that will direct billions of dollars of cuts in debit fees that are required under last year's Wall Street reform bill. The bill requires the cuts be implemented by July 21.

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