Saying the House didn't have the chance to fully consider the implications of interchange caps, House Financial Services Committee member Kenny Marchant (R-Texas) questioned Fed Chairman Ben Bernanke about the possibility of delaying the regulations.
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.
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.
A bipartisan group of 13 senators urged Federal Reserve Chairman Ben Bernanke in a letter sent yesterday to ensure that when the Fed issues regulations on debit interchange fees they don't hurt small financial institutions and consumers.
Presidential memoirs are a tricky genre.
The ongoing tangle that has become the foreclosure process in many parts of the country moved in two directions last week, each of which could impact credit unions.
LAS VEGAS -- The American Credit Union Mortgage Association wanted attendees at its 2010 annual conference to walk away with two convictions.
The Federal Reserve's Open Market Committee today is beginning its regularly scheduled two-day meeting to assess the state of the economy and decide whether to adjust interest rates.
The Federal Reserve should exercise flexibility, not make decisions in isolation and consider the costs that credit unions incur when running card programs.
The combination of election-year politics and the desire of lawmakers not to have to choose between credit unions and community bankers have helped erect a series of roadblocks to raising the cap on member business lending.