For the Federal Reserve employees who are diligently reviewing comment letters regarding the proposed regulation on interchange, it might have seemed like they were living in the movie Groundhog Day.
WASHINGTON - Senate Minority Leader Mitch McConnell threw cold water on the likelihood that the Senate might revisit the interchange amendment that was passed as part of last year's financial overhaul bill.
After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
Two more letters went out yesterday from NAFCU to key lawmakers urging the inclusion of language that would increase the member business lending cap.
NAFCU has written U.S. Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) over its concern with an amendment capping ATM fees.
Three amendments on the interchange issue would "impose heavy new restrictions on interchange fees," NAFCU Executive Vice President B. Dan Berger wrote Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell today.
Senate Republicans said today they will allow the regulatory restructuring legislation to come to the Senate floor and attempt to amend the legislation on the floor.
Senate Majority Leader Harry Reid and Senate Banking Committee Chairman Christopher Dodd today characterized GOP efforts on pending legislation to revamp financial regulation as too partisan and non-inclusive.
The Senate is likely to vote this week on the confirmation of Federal Reserve Chairman Ben S. Bernanke for a second term and there appears to be increasing support for him among lawmakers.