Community bank lobby signs up supporters opposed to raising credit union member business lending cap.
The banking lobby has drawn what it hopes is a powerful sword in its crusade against an increase in the member business lending cap: taxes.
The Independent Community Bankers of America patted themselves on the back Thursday for a legislative victory that results in an invitation to the Rose Garden, while credit unions were shut out.
Efforts to delay the implementation of the Federal Reserve’s debit interchange rule continued on Capitol Hill and at the grassroots level last week.
The NCUA's rescue plan for corporate credit unions should "cast doubt on the wisdom and the fairness of their tax-exempt status," Independent Community Bankers of America President/CEO Camden Fine wrote Treasury Secretary Tim Geithner today.
Money may make the world go 'round, but it doesn't always translate into political clout.
The regulatory restructuring bill-which CUNA and NAFCU are opposing because of the interchange provisions-is likely to come up for a vote in the Senate this week, and odds are it will pass.
The Independent Community Bankers of America had the right idea with regard to interchange regulation. I'll probably have to run for cover at the CUNA/WOCCU 1 Conference this week for stating that, but it's true.
Referring to credit unions as "taxpayer subsidized," the Independent Community Bankers of America wrote senators that raising the cap on member business loans would "be an unfair and ineffective means of increasing small business credit."
Senate Majority Whip Richard Durbin is "disappointed," with the arguments made by CUNA and the Independent Community Bankers of America in opposing his amendment to regulate interchange fees.