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News Now

Washington
iCNNMoney.comi CUs among winners in reg reform battle
WASHINGTON (5/27/10)--Although the credit union world is closely focused on the next round of the interchange legislation fight, a CNNMoney.com story has listed credit unions as one of the winners of the recent regulatory reform battle based on how credit unions fare in other elements of the wide-ranging reform legislation. Among the victories cited by the CNN story was the continuation of the National Credit Union Administration (NCUA) as the enforcement authority for credit unions under $10 billion for rules promulgated by the new consumer finance protection body that would be established under the legislation. Both the House and Senate bills would allow the NCUA to retain this authority. CNN also noted portions of the House bill that allow credit unions and community banks to avoid paying into the $150 failed institution resolution fund. CNN counted big banks, MasterCard and Visa as the biggest losers of the regulatory reform fight, with the legislation potentially forcing the banks to “beef up capital cushions and cut down on leverage and risky moves.” Visa and MasterCard’s profits will also be adversely affected by a late amendment to the bill that would allow the Federal Reserve to determine the amount that card issuers may charge for a given purchase. The Credit Union National Association remains opposed to the interchange rules, and CUNA, credit union leagues, and individual credit unions are intently focused on efforts to remove the interchange language from the final version of the bill.


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