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News Now

Washington
CUNA asks CFPB head to join interchange fight
WASHINGTON (3/21/11)--Credit Union National Association (CUNA) President/CEO Bill Cheney last week asked Consumer Financial Protection Bureau (CFPB) architect Elizabeth Warren to join those who are requesting a delay in implementation of the Federal Reserve’s interchange fee changes. Cheney said that CUNA would “deeply appreciate” Warren’s input on the Fed’s interchange proposal, and would be glad to meet with her to discuss interchange further. CUNA met with Warren on the interchange issue during the recently completed 2011 Governmental Affairs Conference. CUNA representatives and Warren have also discussed the regulatory burden faced by credit unions and other issues during additional meetings. In this most recent communication, Cheney recommended that Warren consider adding a formal regulatory burden monitoring function to the CFPB’s pending Office of Community Banks and Credit Unions. The CUNA leader said that such a move would be “extremely well-received by credit unions.” Warren last week told members of the House Financial Services Committee that the CFPB would work with credit unions and other small institutions as it pursues various rulemaking priorities, and added that the agency would protect credit unions and community banks as it develops and revamps regulations. On the topic of interchange, regulators, legislators, consumer groups and members of the press have all come out in recent weeks to call for a delay in interchange regulation implementation. The Fed’s proposal, which is scheduled to go into effect on July 21, could cap the interchange fees paid to debit card issuers at as low as seven-to-12 cents per transaction. Active bills in both the House and Senate would push back implementation to allow further time for study of the interchange regulation’s impact on credit unions, small issuers, consumers and merchants.


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