Despite intense opposition by credit unions and banks, the House today approved a comprehensive financial overhaul bill by a vote of 237-192.
Despite the cap on debit card interchange it contains, a June 29 letter to Rep. Barney Frank (D. Mass) from NCUA Board Chairman Debbie Matz made it clear where the agency comes down on the financial reform package.
The regulatory overhaul legislation, H.R. 4173, could reach the House floor today, according to NAFCU.
"If you listen to Rush Limbaugh, Bill O'Reilly, there's been this concerted effort to blame me for things that happened when I was in the minority.
The NCUSIF should be allowed to offer identical insurance coverage of noninterest bearing transaction accounts as the FDIC, NCUA Chairman Debbie Matz wrote in a letter to House Financial Services Committee Chairman Barney Frank.
The House last week was slated to pass a bill establishing a $30 billion fund for community banks to draw on to increase business lending.
The debut of a new financial "university" by HarborOne Credit Union to serve low- and middle-income communities has received praise from Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee.
The issue of regulating interchange fees will be one of the topics lawmakers have to deal with when the House-Senate conference committee meets today to reconcile the differences between the financial reform bills passed by both chambers.
The Obama administration put its support behind raising the cap on member business loans to as much as 27.5% assets in writing,
Reps. Debbie Wasserman Schultz (D-Fla.) and Kenny Marchant (R-Texas) are asking colleagues to sign a letter to push for the removal of Senate-passed amendment giving the Federal Reserve the power to regulate interchange fees.