Regulatory & Compliance

Reps. Debbie Wasserman Schultz (D-Fla.) and Kenny Marchant (R-Texas) are asking colleagues to sign a letter to push for the removal of Senate-passed amendment giving the Federal Reserve the power to regulate interchange fees.

CUNA forecast its lobbying/communications blitz of contacting lawmakers opposing the Durbin interchange amendment could reach 350,000 by end of day and possibly 500,000 by Thursday.

Embezzlement and fraud are among the crimes that caused the NCUA to issue prohibition orders against four credit union employees.

Credit union employees and volunteers as well as other people interested in federal issues related to credit unions can participate in and ask questions of NCUA Chairman Debbie Matz at a June 28 Town Hall Webinar.

The amendment to regulate interchange will increase transparency to consumers and force card issuers to design their products in a way that consumers are aware of all the costs, consumer advocate and Harvard Law Professor Elizabeth Warren said today.

Now that Alabama's largest credit union, the $2.6 billion Redstone Federal is officially a CUNA member once again, Joseph H. Newberry, its president/CEO, was doing his part in the interchange fight by rounding up local CU support to lobby Congressmen.