WASHINGTON — His predecessor had to lay people off and fight congressional efforts to dramatically increase the regulatory burden on credit unions.
Here's one of the articles that will appear in the next print edition of Credit Union Times.
Credit unions are hoping for relief from the courts and an improved rule from the Federal Reserve following the Senate defeat of an amendment that would have delayed the Federal Reserve’s rule regulating debit interchange fees by up to a year.
New debit cap "is going to create a train wreck that will affect every consumer with a debit card," says CUNA President/CEO Bill Cheney.
After year-long battle between financial institutions and retailers, measure to delay interchange cap fails by six votes.
Senate vote expected at 2 p.m. today; sources report that measure delaying interchange cap within a few votes of passing.
Vote now set for Wednesday on move to delay implementation of Fed's new debit interchange cap.
CUNA’s PAC raised $93,774 in April and NAFCU’s raised $14,250, according to forms filed with the Federal Election Commission.
To prepare for possible action in Congress on delaying the Federal Reserve’s interchange rule, credit unions redoubled their grassroots efforts on the issue during the recent recess.
Easter Break over, lobbying resumes to delay or halt the new cap on interchange fees.