A bipartisan group of 13 senators urged Federal Reserve Chairman Ben Bernanke in a letter sent yesterday to ensure that when the Fed issues regulations on debit interchange fees they don't hurt small financial institutions and consumers.
What the trade associations and certain credit union leaders can't accomplish, President Obama and Congress might be able to achieve.
A draft proposal of a report by a presidentially appointed deficit reduction panel includes an option that would eliminate many tax exemptions, including the one for credit unions.
When Congress returns, credit unions can expect fewer consumer bills, tweaking the financial overhaul bill and new leaders of House and Senate committees that oversee credit unions.
CUNA and NAFCU's PACs supported more winners than losers in the midterm elections, yet CUs still lost some key allies.
Rep. Ed Royce, a strong supporter of credit union causes such as raising the cap on member business lending, announced last night that he will seek the chairmanship of the House Financial Services Committee.
Credit union stalwart Rep. Paul Kanjorski (D-Pa.) saw his 26-year congressional career end, yet Senate Majority Leader Harry Reid (D-Nev.) survived yesterday's election which gave the Republicans large gains in both chambers.
CNN, Fox and MSNBC have all projected that the GOP will win a majority of seats in the House, thus ending the Democrats' four-year control of that chamber.
GOP Rep. Roy Blunt, on whose behalf CUNA's PAC spent $152,500 in independent expenditures, won an open U.S. Senate seat in Missouri. CUNA's PAC also gave Blunt's campaign $10,000 and NAFCU's PAC gave it $1,000.
Rep. Paul Kanjorski, who has been one of the strongest supporters of credit unions in Congress, was defeated after a 26-year career by Hazleton Mayor Lou Barletta.