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News Now

CU System
Missouri CUs fed lawmakers talk about interchange
ST. LOUIS (3/1/11)--Missouri credit unions shared their concern about the Federal Reserve's debit interchange proposal with federal lawmakers last week. U
Click to view larger image U.S. Rep. Blaine Luetkemeyer (R-Mo.), center, discusses interchange with Missouri credit unions Wednesday. (Photo provided by the Missouri Credit Union Association)
.S. Sen. Claire McCaskill (D-Mo.) hosted town meetings across the state ( The Missouri difference Feb. 25). At a meeting in Blue Springs Thursday, Mazuma CU President/CEO Rob Givens thanked McCaskill for voting against adding the debit interchange provision in the Dodd-Frank Act. McCaskill also wrote a letter to the Federal Reserve in December expressing concerns about the interchange proposal. Givens said he asked McCaskill to continue requesting that the Fed slow down the process of implementing the debit interchange provision. "She agreed that slowing down would be a very good thing," he told the Missouri Credit Union Association (MCUA). Interchange was also the main topic of conversation with U.S. Rep. Blaine Luetkemeyer (R-Mo.), who met with credit union representatives at the Missouri Credit Union House in Jefferson City on Feb. 23. Luetkemeyer took part in the House Financial Services subcommittee hearing on the Federal Reserve's debit interchange proposal on Feb. 17. He shared his perspectives on the hearing and both the interchange proposal and the overall Dodd-Frank Act, MCUA said. "Credit unions, along with community banks and insurance companies, weren't part of the problem, but you've been swept up in this," Leutkemeyer he said. "Credit unions weren't part of the problem, but you can be part of the solution if you are allowed to be." He noted many lawmakers are willing to slow down implementation of the debit interchange proposal to conduct a more thorough review of the impact and intent of the legislation, and encouraged Missouri credit unions to urge their congressional delegation to delay the debit interchange process during meetings on Capitol Hill Wednesday and Thursday. Nearly 40 people from Missouri credit unions are participating in the Credit Union National Association's Governmental Affairs Conference this week in Washington, D.C.


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