A Minnesota based national bank has challenged the constitutionality of the law that would, for the first time, regulate debit card interchange.
An ad depicting a duck with a cigar in its mouth takes aim at credit unions' tax exempt status due to widespread credit union opposition of an amendment that would give the Fed the power to regulate interchange fees.
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.
From the halls of the Treasury Department to town meetings in the states, credit unions and their allies began the last
Saying he is "not confident we can win this but that doesn't mean we shouldn't do our best," CUNA President/CEO Dan Mica encouraged credit union members to come to Washington to lobby to remove an amendment on interchange fees.
Any change to the rules regarding interchange fees would "provide an advantage to large financial institutions at the expense of credit unions and other small financial services providers,"
Any change to the rules regarding interchange fees would "provide an advantage to large financial institutions at the expense of credit unions and other small financial services providers."
Chartway Federal Credit Union Vice President of Operations John Blum is scheduled to testify Wednesday in opposition to legislation that would place additional restrictions on interchange fees.
For many credit unions, the sweet spot in the small business market is the mom-and-pop sector-those shops that generate respectable annual revenue and employ a handful of staffers.
Three Houston law firms representing credit unions and other card issuers in litigation against Heartland Payment Systems over the firm's 2008 card data security breach have criticized a proposed settlement of those cases.