fraud prevention adjustment could receive an interchange fee up to approximately 24 cents for the average transaction. a suggested by virtually all commenter it is fraud prevention adjustment effective on october 1st, 2011. we may recommend that the board make revisions to the adjustment as appropriate at a later date after we consider the comments received. in addition to rules related to interchange fees the statute requires the board to prescribe rules related to the routing of transactions. first, the board must adopt rule that is prohibit issue herbs and payment card networks from restricting the number of networks on which a debit card transaction may be processed to fewer than two unaffiliated networks. second, the board must adopt rule that is prohibit issuers and networks from restricting the ability of merchants to route debit card transactions over any network that may process such transactions. these provisions apply to all issuers including small issuers and certain prepaid card programs that are exempt from the interchange fee restrictions. the proposed rule included two alternatives fo

the 12 cents per transaction. proposed alternatives, the proposal to buy the allowable cost to be the average value of the issuer'snumber of transactions performed by the issuer over a calendar year. in other words, the average variable cost of authorization clarence and settlement. both were derived from information gathered through a survey of debit card issuers that the board conducted last fall. the board received numerous comments on all aspects of the proposed standards, including the proposed definition of allowable costs and the two information approaches. issuers and networks overwhelmingly supported expanding allowable costs beyond the variable costs of operation and clearance. among the costs they argued should be included were fixed processing costs, network fees, and fraud losses as well as the costs of car production, customer inquiries, rewards, and account set up and maintenance. noted that theses protect against insufficient funds and that issuers are exposed to the risk of fraudulent debit card transactions. in contrast, merchants overwhelmingly supported the proposal to limit allow all costs to

supposing you can play the country sumlin and with a pack of apartment average distance from austria startles leukemia. and i never believe that you could bleed to death from division transaction the owner artery pathology is very supportive mr grievous feel differently and one of the good i will hold my view is the surgeon. rather the world actually otherwise would be dying like flies for the most minor accidents in our country and it's dominic grieve the attorney general who has recently earlier this month refused to reopen the inquiry what reasons we given and what do you think will the reasons wrong sixty pages i try to read. three hundred pages of stuff some of it is for prostration but i want to say one thing about mr grieve you voted for the iraq war dr kelly's death little bastard iraq war. should disqualify himself from considering this national if dr kelly didn't commit suicide are you suggesting that he was murdered by the state i think it's very. normal baker m.p. who's a minister of transport who under minister the minister of transport he's decided he was murdered i think the evidence is strong that he was a census but i'm not saying it is what we need to know la

the flood of unsustainable lending. yet today, basic financial transactions for the average family remain infallible. anyone who tries to read a mortgage loan agreement or even a credit card agreement has had that experience. and there is an absence of basic ground rules. those deficiencies hamper the operation of our free markets and put our economy is at risk. the cfpb is needed to help american families individually achieve and maintain financial stability, and also to restore our overall economic health. it should be allowed to begin this overview work. thank you and i look for to answering your questions. >> thank you, mr. calhoun. mr. shaefer, you may proceed. >> welcome the opportunity provide input. we would like to thank chairman johnson, ranking member shall be, and senator hagen and members of the committee for having us here today. our mission is to enhance the quality of life of our members. we offer a full range of financial products as well as rainy day settings for a loan services include first mortgage and home equity, new and used auto, and visa credit cards per we offer small busin

the flood of unsustainable lending. yet today, basic financial transactions for the average family remain unfathomable.nyone who tries to read of mortgage loan agreement or even a credit card agreement has had that experience. they are absent basic ground rules. those deficiencies hamper the operation of our free markets and put our economy at risk. cfpb should be allowed to begin its overdue work. thank you and i look forward to answering your questions. >> thank you. mr. shaffer, you may proceed. >> the federal credit union appreciates the opportunity for input into public policy dialogue regarding enhanced consumer protection. we thank you for having us here today. our mission is to enhance the quality of life of our members and to become their preferred financial institution. we offer a full range of financial services including savings, checking, certificates, money markets, iras, and rainy day savings. loan services include home, auto and credit card. we provide state of the art home banking, electronic bill payment and remote deposit. we offer financial planning and a positive also buying servic

average stay of just under 22 years. these inmates have plenty of time to get involved with violence. >> the smallest indiscretion could kick off straight war. >> hand to hand transactionsdope, weapons, whatever. >> there have been more than 350 stabbings since the prison opened its doors in 1988. >> i enjoy hurting people. >> they don't play games here. >> bottom line, it's easy to get into corcoran. >> armed robberies, whatever i have to do to support my drug habit. >> i smoke methamphetamines, i'm addicted. 15 years. i just can't get off it. i can't -- >> but in order to survive and make parole, inmates like raymond must stay out of trouble. >> being locked up here has actually taught me a lesson. i have two years clean today. i get out, i got some positive support. so i think i can do it. last about month i've been counting down like every day. i know how many days i have left. today, i have 22 days left and getting kind of anxious. >> for raymond, a strict routine is what's kept him on track. >> i go to chow and i eat my breakfast. i go back, my cellie is already at work. i clean, 8:00, 8:30 i have guo to school for prerelease. after school gets out about 2:30 my f

the standard as long as it does not receive an interchange fee above a cap, again, recommended to be 12 cents per transaction. for both alternatives the proposal defined the allowable costs to be the average value of authorizing clearing and settling transactions, varied with the number of transactions performed by the issuer over a calendar year. the average cost of clearance and settlement. the value of the caps in both alternatives and the safe harbor in the first alternative derived from information gathered through a survey of covered debit card issue herbs that the board conducted last fall. the board received numerous comments about all aspects of the proposed standards including the proposed definition of allowable costs and the two approaches. issuers and networks overwhelmingly supported expanded allowable costs to include a wider range of debit card costs beyond the costs of authorization and clearance and settleme settlement. among the costs to be included is fixed possessing costs, network fees and fraud losses, as well as the costs of card production, customer inquiries, rewards and account set-up and maintenance. these commenters noted that debit cards provide a payment gua