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Fed vote on interchange today kicks wait-and-see into high gear for credit unions.
Less than four months into her tenure as chairman of the House subcommittee with primary jurisdiction over credit unions and other financial institutions, Rep. Shelley Moore Capito (R-W.Va.) has already tackled a wide range of issues.
It could seem that a Michigan credit union went out on a limb when it became the first CU user of a core processing platform for banks.
An expert in consumer behavior with checking accounts and debit cards has predicted that a proposed cap on debit interchange might, in the end, lead to more debit card transactions.
Now comes the hard part. Former New York Governor Mario Cuomo famously said that “you campaign in poetry and govern in prose.”
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.
Two more credit union CEOs, one from Rapid City, S.D., and the other from Duluth, Minn., will be filling the so-called outreach slots on one of those Federal Reserve Board Advisory panels made of community bank and CU leaders serving district banks.
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 — 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.