Bureau announced new project Thursday and will collect comments through March 18.
Senator, representative send letters to CFPB, Education Department asking them to examine bank-affiliated student debit card practices.
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.
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.
The retailers are stepping up their defense of the Durbin Amendment and the interchange cap.
Majority whip, in speech Thursday, said credit union and small banks are "becoming part of big banking."
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.
If you don’t tell people what is on your mind, they’ll never know. The credit union industry has taken this to heart on the interchange issue.
NCUA Chairman Debbie Matz today urged Federal Reserve Chairman Ben Bernanke to ensure that the Fed's rule limiting debit interchange fees contains "meaningful exemptions" for card issuers with assets of less than $10 billion.