Defeating the effort to raise the cap on member business loans and ending the tax exemption for credit unions are among the top priorities of the Independent Community Bankers of America this year.
On issues such as debit interchange and limiting the growth of future regulations, banks and credit unions are on the same side of the political divide. On others, such as credit unions’ tax-exempt status and raising the cap on member business lending, the industries’ interests diverge.
Saying it will be the “start of a robust discussion,’’ on the set up of the Bureau of Consumer Financial Protection, House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito announced an oversight hearing next Wednesday.
NAFCU President/CEO Fred Becker urged regulators to “exercise caution,” when communicating with credit unions about complaints they receive so as not increase the likelihood of litigation or reputational risk.
WASHINGTON — The woman setting up the new Bureau of Consumer Financial Protection said the bureau will be a strong ally of credit unions that "want to work on behalf of their members."
WASHINGTON — House Speaker John Boehner promised that the House will work hard to ease the regulatory burden so credit unions can lend more money and businesses can create new jobs.
WASHINGTON — Interchange is the tip of the regulatory burden iceberg.
WASHINGTON — The debit interchange rule and other new requirements on credit cards and mortgages will make it harder for credit unions to serve their members, according to Bill Cheney and John Buckley.
WASHINGTON — House Financial Services Committee Chairman Spencer Bachus urged credit union advocates to lobby members of Congress, especially in the Sentate, to lessen the impact of the Federal Reserve's proposal on debit interchange.