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News Now

Washington
CU grassroots push on interchange needed in recess
WASHINGTON (4/12/11)--Credit union and credit union member grassroots action on interchange is critically important during an upcoming two-week District Work Session for the House and Senate, the Credit Union National Association (CUNA) reminded Monday. CUNA has announced a National Credit Union Briefing on Interchange, which will be held on Wednesday, April 13, to update credit unions on the latest developments on the interchange issue. It also will provide guidance on how to mobilize credit union members on the issue. The 30-minute teleconference is scheduled for 3 p.m. (ET). Federal lawmakers’ attention last week and this has been all but usurped by federal budget issues--and the threat and resolution of a possible government shutdown. The House returns to session today and is expected this week to consider, among other things, a continuing resolution to fund the government for the remainder of the fiscal year. On Thursday and Friday, the House will consider the budget resolution for fiscal year 2012 and various alternative budget proposals. The Senate will then take up the long-term continuing resolution that the House is expected to pass. Additional action on the small business bill, which has been on the Senate floor for several weeks, is also possible. All this budget work has left little room for work on other issues--including measures of key interest to credit unions, such as pending bills that would delay the looming July deadline for the Federal Reserve to issue a rule to cap debit card interchange fees. CUNA Senior Vice President of Political Affairs Richard Gose said Monday that credit unions and their members have executed a total of 85,000 grassroots contacts on interchange since CUNA launched its action alert last month. He said it is critical that the level of effort continue, and that credit unions contact lawmakers on the issue while they are in their home districts beginning the week of April 18. (Use the resource link below to access CUNA Action Alert.) Also of interest this week in Congress:
* The Senate Banking Committee has scheduled a hearing for today on “Building the New Derivatives Regulatory Framework: Oversight of Title VII of the Dodd-Frank Act." Also today, the committee is expected to consider the nominations of Katharine Abraham to be a member of the Council of Economic Advisers; Carl Shapiro to be a member of the Council of Economic Advisers; and Eric Hirschhorn to be undersecretary of commerce for export administration; * On Wednesday, the House Ways and Means committee will conduct a hearing on “How the Tax Code’s burdens on Individuals and Families Demonstrate the Need for Comprehensive Tax Reform”; and * On Thursday’s calendar, the House Financial Services Committee has noted a hearing on “Oversight of the Financial Stability Oversight Council.” The panel’s subcommittee on capital markets and government-sponsored enterprises has scheduled a hearing on “Understanding the Implications and Consequences of the Proposed Rule on Risk Retention.”
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