With their new majority in the House, Republicans are vowing to keep a close eye on regulators, and the Federal Reserve's regulation of interchange could well be one of the lawmakers' top priorities.
Rep. Barney Frank, the top Democrat on the House Financial Services Committee, invoked images of the Wild West in blasting efforts by Rep. Michele Bachmann (R-Minn.) to repeal the financial overhaul bill passed last year.
House Financial Services Committee Chairman Barney Frank expressed concern to the Federal Reserve that regulations limiting interchange fees could increase the regulatory burden on credit unions and other small financial institutions.
Say farewell to the wisecracking, brainy lawmaker from suburban Boston and say hello to the soft-spoken, courtly former lumber company owner and trial lawyer from Birmingham, Ala.
The House Financial Services Committee is shrinking.
CUNA and NAFCU's PACs supported more winners than losers in the midterm elections, yet CUs still lost some key allies.
Credit union stalwart Rep. Paul Kanjorski (D-Pa.) saw his 26-year congressional career end, yet Senate Majority Leader Harry Reid (D-Nev.) survived yesterday's election which gave the Republicans large gains in both chambers.
CNN, Fox and MSNBC have all projected that the GOP will win a majority of seats in the House, thus ending the Democrats' four-year control of that chamber.
Credit Union Times and a panel of special guests take listeners through how key legislative officials are polling, how the Dems and GOP will fare in the House and Senate and more.
Credit unions portray themselves on Capitol Hill as well-managed, conservative financial institutions. It's not clear whether the necessity for the NCUA to rescue several corporate credit unions will change that reputation.