Federal lawmakers may revisit the topic of interchange fee cap legislation this year, Rep. Spencer Bachus (R-Ala.) said in a Tuesday speech before CUNA's 2013 Governmental Affairs Conference in Washington.
Bachus, who is the the immediate past chairman and still a senior member of the House Financial Services Committee, said the interchange fee cap affected local institutions, and basically didn't affect larger financial institutions.
"It affected debit cards and things that you market, and not so much the credit card," he said.
Earlier today, committee chairman Rep. Jeb Hensarling (R-Texas) said he "will not rest" until Congress repeals interchange fee cap provisions.
"Federal price controls were wrong yesterday, federal price controls are wrong today, federal price controls will be wrong tomorrow," Hensarling said of the interchange fee cap.
The Dodd-Frank Wall Street Reform Act, which Bachus said was a result of "the behavior of a few and not main street institutions," punishes credit unions and small financial institutions that were innocent victims. "We're going to look very hard [at Dodd-Frank]," and credit unions could see bipartisan support for taking off some unnecessary, needed, uncalled for parts of Dodd-Frank that impact credit unions and other small financial institutions, he added.
The structure of the Consumer Financial Protection Bureau is another topic that could soon be addressed in a bipartisan manner, Bachus said. He noted that House and Senate members are in serious talks to form a bipartisan commission to govern the bureau.
"I think that you will find that approach much fairer and less dictatorial," he said.
The Department of Labor will publish its final rule Wednesday regarding employees’ eligibility for overtime pay--a rule which CUNA believes will have unintended negative consequences for credit unions, particularly smaller credit unions and those in non-metropolitan areas.
Further CUNA analysis of the U.S. Department of Labor’s overtime rule found minor relief, but CUNA remains concerned about the increased burden on credit unions. Several CUNA-suggested changes were included in the final rule.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.