Iowa League, Banks Join on Interchange Op-Ed
Underscoring the evident cooperation among financial trades over the Durbin interchange amendment, the Iowa Credit Union League and its counterpart the Iowa Bankers Association, are running a joint op-ed this weekend in the Des Moines Register touting the consumer fallout should Congress enact the reg reform provision.
"As you know, we're often at loggerheads but not on this issue," explained Justin Hupfer, vice president of government relations for the Iowa League in detailing discussions between the two groups leading up to placing the op-ed in the state's largest newspaper for its Friday or Saturday editions.
A spokesman for the American Bankers Association in Washington said it knew of no other such joint bank/CU letter pact but stressed the ABA, along with CUNA, NAFCU and the Independent Community Bankers of America are members of the Electronic Payments Coalition, chief financial lobbyist in the interchange battle slated to reach a House-Senate conference perhaps next week.
The op-ed, already written and ready for publication, is signed by Pat Drennen, president/CEO of 1st Gateway CU of Comanche and by Roger Claypool, president/CEO of First National Bank in Le Mars.
In the op-ed discussions, Hupfer said the leadership of both Iowa trade groups welcomed the idea of a combined statement informing consumers of the impact of the interchange proposal. The two groups, said Hupfer, have collaborated before on overdraft protection and some other areas though not on taxation of course.
A less informal effort at bank/CU cooperation on interchange in Texas has apparently failed after San Antonio banks turned down the idea of working together with CUs for CUNA's Hike the Hill gathering next Tuesday in Washington.