Thanks to the credit union lobby, Michigan lawmakers look to be first in the nation to act next week on a non-binding resolution seeking to halt or delay the Federal Reserve's debit interchange rules.
CUNA described it as a "novel" approach in the stepped up campaign by the nation's CU and banking lobbies to scrap the Fed rules under Dodd-Frank, and the Michigan Credit Union League said Friday it is heartened by swift House and Senate action on the resolution, which is likely to pass on Tuesday.
"It is gratifying to see how easily this resolution was adopted by the full House and now a Senate committee demonstrating how lawmakers are eager to show their opposition to excessive regulation," said David Adams, president/CEO of the Michigan Credit Union League, which has been spearheading the interchange drive in the state legislature.
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