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.
In a letter to state bank trade associations discovered by Bloomberg, ICBA CEO Camden Fine, more colorfully than I can reiterate here, stated that Wall Street doesn't give two hoots about the banks on Main Street but "only care[s] about the credibility small banks can wield on Capitol Hill to get them out from under this rock." He recommended that community banks not join the larger banks in the battle against interchange fees.
The same holds true for credit unions. Will the big banks be supporting credit unions' efforts in the coming weeks to push through legislation to expand their member business lending authorities? Heck, no.
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