Citing a potentially devastating impact on credit unions, both CUNA and NAFCU urged the Obama administration to endorse a delay in the implementation of the Federal Reserve’s rule regulating debit interchange fees.
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.
The $22 billion State Employees’ Credit Union said it looks forward to “showcasing all we’ve been doing for consumers” now that it is the first state-chartered CU to formally come under regulatory purview of the new Consumer Financial Protection Bureau.
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.
The new Bureau of Consumer Financial Protection–which will be the driving force behind the writing and enforcement of a myriad of consumer regulations–isn’t scheduled to begin operating until July.
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.”