The Federal Reserve’s proposed rule regulating interchange is unconstitutional and would do “irreparable harm to issuers and consumers.’’
Diane Casey-Landry, American Bankers Association executive vice president and chief operating officer, announced today that she will leave the group at the end of March.
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.
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.
CUNA and NAFCU often say that during the recent financial crisis their members wore the white hats.
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.
At press time, CUNA and NAFCU and their allies were fighting to kill an amendment to further regulate interchange fees that their adversaries were couching in populist terms.
Senators could vote as early as today on an amendment aimed at regulating interchange fees as part of a bill to revamp the way financial services are regulated.