Connecticut CEOs Warn of Job Cuts from Dodd-Frank
The interchange fallout and the prospect of Connecticut credit unions cutting back staff if the Dodd-Frank delay bill fails to pass turned out to be topic No. 1 at the newly streamlined annual convention of the Credit Union League of Connecticut on Tuesday.
“We had a number of CEOs stand up and say this is a job-killing bill, stating they would have to lay off employees if this comes to pass,” said Tony Emerson, president/CEO of CULC, recounting a special session on interchange.
Like other leagues, the Connecticut trade group has been pressing its congressional delegation to adopt the delay bill but in the meantime CUs “are certain costs will go up,” Emerson said, pointing to moves already under way by big banks in the state, such as $5 ATM fees and $15 to open a checking account.
The card programs are often “not a profit center,” Emerson said, adding that they do bolster other services and the interchange income covers losses.
Under new scheduling started last year, the Connecticut trade group annual conclave now occupies just one day, with 200 turning out for the session at the Aqua Turf Club in Plantsville.