The NCUA has sent a 6-page letter to credit unions explaining the rationale behind last week's approval by the NCUA Board to levy a 13.4 basis points assessment for the Temporary Corporate Credit Union Stabilization Fund.

The Federal Reserve would still have the power to regulate interchange fees though credit unions and banks with assets of $10 billion or less would be exempt and retailers would be expressly forbidden from discriminating among card types.

CUNA contends that proposed federal rules requiring credit unions and banks to perform an extensive account review when it receives a garnishment order would be burdensome while NAFCU just wants credit unions to have more time to conduct the review.

The $10 million Wadena Federal Credit Union was expected to re-open in temporary, rental space tomorrow with files and other equipment mostly intact, the CU's chairman, Brian Hillesland, said Monday.