WASHINGTON (2/28/13)--Credit unions stress the value of self-reliance and a pragmatic
| Financial regulations should be fair and based on an institution's size and risk profile, says Sen. Jon Tester, adding that credit unions should not have to "pay for the sins of Wall Street." (CUNA photo)|
approach to problem solving, just like people in rural areas in places like Montana, Sen. Jon Tester (D-Mont.) told the Credit Union National Association's 2013 Governmental Affairs Conference Wednesday.
He said that because of their uniqueness and service to their communities, he has worked to exempt small financial institutions from some of the regulations aimed at big banks.
"You shouldn't have to pay for the sins of Wall Street,'' he told attendees at the conference, which has more than 4,200 and runs through today. "I have fought to make sure that regulations are fair and are based on an institution's size and relative risk.''
Tester, whom CUNA and the state credit union league strongly supported in his successful re-election campaign last year, was the lead sponsor of efforts to delay the implementation of the Durbin Amendment regulating debit interchange fees. He noted that even though backers of the amendment had promised that it wouldn't negatively impact small financial institutions, that hasn't been the case and he would continue to urge regulators to fine tune the regulations.
He said that through the efforts of credit unions and their allies on Capitol Hill, the Federal Reserve's final rule on interchange better "reflects the costs that you bear,'' when offering debit cards.
He urged credit unions to be vigilant about lobbying elected officials and letting them know of the added costs from regulatory burdens.