Prodded by both the bank and credit union lobbies, Oklahoma lawmakers may join their Michigan counterparts in urging a halt to implementation of the Federal Reserve's interchange fee rules.
The president/CEO of the Credit Union Association of Oklahoma, Gary Jones, said his group has been cooperating with the Oklahoma Bankers Association on getting the state legislature to act on a nonbinding resolution urging the state's Congressional delegation to pursue quashing of Fed implementation.
Separately, the Michigan Senate, as expected, adopted a House-passed resolution along the same lines 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 CUNA, NAFCU and American Bankers Association attack on the Durbin amendment provisions.
"We appreciate the strong message sent by the Michigan Legislature on this very bad debit interchange legislation," said David Adams, Michigan Credit Union League & Affiliates president/CEO. "In an economy like Michigan's we can ill afford any regulation that so severely restricts income for lenders."
In Oklahoma, the OBA acknowledged on its website that it was cooperating with credit unions on interchange and though "it's not the usual posture the two industries take toward one another," in this case "there is 100% agreement between credit unions and banks."