Okla. Latest to Balk at Interchange Cap
Prodded by both the bank and credit union lobbies, Oklahoma lawmakers may soon join their Michigan counterparts in urging a halt to implementation of the Federal Reserve's interchange fee rules under the Dodd-Frank Act.
The president/CEO of the Credit Union Association of Oklahoma, Gary Jones, said his group has been cooperating with the Oklahoma Bankers Association to get the state legislature to act perhaps this week on a nonbinding resolution urging the state's congressional delegation to pursue quashing Fed implementation of interchange fee caps.
Separately, the Michigan Senate, as expected, adopted today a House-passed resolution along the same lines as Oklahoma in a campaign launched two weeks ago by the Michigan Credit Union League and aimed at generating grassroots support at the state level. That effort, say CU trade group leaders, would dovetail on the CU and bank trade groups' attack on the Durbin amendment provisions due for a hearing Thursday before a subcommittee of the U.S. House Banking and Financial Services Committee.