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
NAACP Delay interchange to assess consequences
WASHINGTON (3/14/11)—The NAACP, the well-known civil rights organization, wrote to the Speaker of the U.S. House urging that a congressional review be launched before the Federal Reserve Board acts to implement limits on debit card interchange fees. In the letter to Speaker John Boehner (R-Ohio), NAACP Senior Vice President for Advocacy and Policy Hilary Shelton wrote, “We believe this rule should be thoroughly and expeditiously reviewed prior to implementation to ensure that it will not raise fees or otherwise harm at-risk communities, including communities of color.” Shelton noted that his organization backed the Durbin credit card amendment, which was a late addition to the Dodd-Frank Wall Street Reform Act. He said the amendment carried “needed provisions aimed at protecting Americans against predatory lending and providing oversight of mortgage, lending and other critical financial services.” However, he wrote urging Boehner to slow the rulemaking process, “It is my understanding no conclusive studies have been offered to fully predict the impact of this (interchange) rule.” “Given the complexity of the issues, we believe that it should be further examined fully to ensure that it does not have a negative impact on the communities it was meant to help.” Shelton outlined many of the complex issues surrounding the interchange plan proposed by the Fed, among them Fed Chairman Ben Bernanke’s February testimony that a planned exemption for any issuer under $10 billion in assets “may still leave our smaller community banks and credit unions at a significant disadvantage.


RSS





print
News Now LiveWire
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
14 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
15 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
15 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
16 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
17 hours ago