Citing his newfound ties to the Federal Reserve System, the chairman of the New Hampshire Credit Union League said Friday the industry still has a chance to make a strong case to the Fed for a fair two-tier market system on interchange.
Even as the Fed begins final deliberations on its interchange rules prior to their July 21 implementation, Michael L'Ecuyer, president/CEO of the $350 million Bellwether Community CU in Manchester, said he is soliciting community banker support through his membership on the Community Depository Institutions Advisory Council of the Federal Reserve Bank of Boston.
CUNA earlier this week asked CDIAC members across the country to join the effort in pressing the industry’s point on district Fed presidents.
“I’m hoping to hear today from my counterpart on the CDIAC so we can both make our case to the Fed governors through the Boston Fed president,” said L’Ecuyer.
The New Hampshire CU executive was referring to Gregg Tewksbury, CEO of the Savings Bank of Walpole, N.H.
“I think it’s pretty important we leverage what support we have with the Fed to act now,” said L’Ecuyer. He praised Cheney’s approach to interchange contained in a 14-bullet “talking points” letter which calls on the Fed to police debit markets and protect smaller issuers.
“We’ve got to get our banking colleagues behind us on this issue,” said L’Ecuyer. However, he noted the meeting of the Boston Fed CDIAC is in August, after the July 21 date for the new rule to take effect and said it may limit the ability to talk to Boston Fed President Eric Rosengren on the issue.