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.
WASHINGTON -- As credit unions and other financial service providers awaited a draft of the Senate regulatory restructuring, a key negotiator of the bill said when it comes to a new consumer agency, location is less important than teeth.
WASHINGTON -- In real estate, it's all about location, location, location.But as credit unions and other financial service providers awaited a draft of the Senate regulatory restructuring,
WASHINGTON -- Sen. Bob Corker, a key Senate architect of the regulatory restructuring legislation, said today that it is more important that a new consumer regulator have sufficient authority than whether it is an independent agency.
Allies and adversaries, sometimes simultaneously. That's the relationship between credit unions and community bankers.