Accounts of up to $250,000 at credit unions and banks would be permanently insured beyond the current expiration date of 2013, as a result of an amendment approved last week by the House-Senate conference committee on regulatory overhaul.
A coalition of public interest groups and think tanks generally regarded as conservative has come out with a statement urging Congress to reject the so-called Durbin Amendment that would regulate debit card interchange.
Calling it a "special case situation," Senate Majority Whip Richard Durbin said he would work to find a way to exempt state government-issued debit cards used to distribute benefits from his amendments.
As Congress contemplates whether to pass a law regulating debit card interchange, a majority of economists and government officials attending a meeting on the subject agreed that there is no economic basis for the proposed regulatory change.
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.
No matter how unpopular the debit interchange regulating Durbin amendment is among credit unions, at least one credit union is not opposing it.
A lawyer and academic addressing a Washington D.C. meeting on card interchange told attendees that the so-called Durbin amendment should really be called the Walgreens Amendment.
From the halls of the Treasury Department to town meetings in the states, credit unions and their allies began the last
The industry furor over the interchange amendment passed by the Senate and sponsored by Majority Whip Richard Durbin (D-Ill.), marked by a no-holds-barred grassroots campaign,
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.