A group of retailers today sent lawmakers a flyer contending that 99.96% of credit unions wouldn't be affected by an amendment in the regulatory overhaul giving the Federal Reserve the power to regulate interchange fees.
The amendment to regulate interchange will increase transparency to consumers and force card issuers to design their products in a way that consumers are aware of all the costs, consumer advocate and Harvard Law Professor Elizabeth Warren said today.
NAFCU President/CEO Fred Becker asked President Obama, Federal Reserve Chairman Ben Bernanke and NCUA Chairman Debbie Matz to "express any concerns you may have," about the amendment that would give the Fed the power to regulate interchange fees.
After having dropped off for a month, CUNA's Credit Union Legislative Action Council is again on the list of top of the top 20 donors to federal candidates, according to data compiled by the Center for Responsive Politics.
Interchange. Credit unions love it and merchants hate it. However, merchants are being more than hypocritical in suggesting credit unions and other financial institutions cap debit card interchange fees.
WASHINGTON -- For credit unions, the upcoming House-Senate conference committee on the financial regulatory overhaul is coming down largely to interchange fee regulation.
At press time, the Senate was putting the final touches on the bill to change the way financial services are regulated.
The chairmen and ranking Republicans of the Senate Agriculture and Banking committees are among the 12 senators named to the Senate-House conference committee that will reconcile differences between the regulatory overhauls.
Citing the provisions that would allow the Federal Reserve to regulate interchange fees, CUNA and NAFCU both expressed opposition to the regulatory restructuring bill that the Senate passed 59-39 last night.
On a mostly party-line vote, the Senate voted today to spend no more than 30 additional hours debating the bill that will overhaul the regulation of financial services.