Argues credit unions "not established to review and evaluate the legality of their members' behavior."
In separate letters, CUNA and NAFCU both urged the House Financial Services Committee to raise the cap on member business loans.
The NCUA's rescue plan for corporate credit unions should "cast doubt on the wisdom and the fairness of their tax-exempt status," Independent Community Bankers of America President/CEO Camden Fine wrote Treasury Secretary Tim Geithner today.
In politics, the party that controls Congress usually gets the lion's share of the campaign money.
The Federal Reserve would still have the power to regulate interchange fees though credit unions and banks with assets of $10 billion or less would be exempt and retailers would be expressly forbidden from discriminating among card types.
From the halls of the Treasury Department to town meetings in the states, credit unions and their allies began the last
CUNA and NAFCU are using today's hearing by the House Financial Service on small business lending to reiterate their push to raise the cap on member business loans.
Three amendments on the interchange issue would "impose heavy new restrictions on interchange fees," NAFCU Executive Vice President B. Dan Berger wrote Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell today.
Credit unions with assets of more than $10 billion would be subject to examination and enforcement by the new consumer financial products agency housed inside the Federal Reserve.
Even though they weren't invited to testify-and the banking trade associations were-CUNA and NAFCU sent letters to a Senate subcommittee urging lawmakers to raise the cap on member business lending.