Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Mica seeks NCUA support on interchange
WASHINGTON (6/7/10)--In a letter sent to National Credit Union Administration Chairman Debbie Matz late last week, Credit Union National Association (CUNA) President/CEO Dan Mica urged the NCUA to “help educate members of Congress” that Sen. Richard Durbin’s (D-Ill.) interchange fee legislation, if passed into law, would “significantly reduce net income” for credit unions that offer debit cards. “Credit unions offering debit cards represent nearly 70% of all credit unions, hold 97% of credit union assets and serve 96% of all credit union members. For these credit unions, there is no more important issue today than defeating the interchange amendment,” Mica added. Durbin’s amendment, which was added to the Senate’s version of financial regulatory reform legislation, would allow government intervention in setting interchange fees. The House version of financial regulatory reform legislation, which was passed late last year, has no interchange language, and both the House and Senate are currently working toward resolving differences between their respective versions of reform. CUNA, credit union leagues, and members and employees of credit unions large and small contacted congressional representatives to urge them to remove Durbin’s amendment from the regulatory reform package, and those efforts will continue this week with a national hike the hill. While retailers have argued that reducing interchange fee expenses would allow them to pass on savings to consumers, CUNA and various news organizations have recently noted that the proposed changes, which were backed by merchants, may in fact harm consumers. Specifically, CUNA has argued that the new interchange rules would allow merchants to herd consumers toward preferred forms of payment. To read Mica’s letter, use the resource link.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
6 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 hour ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
2 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
3 hours ago