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.
Since CUNA’s compliance staff compiled a list of changes in mortgage interest reporting under the IRS’s Form 1098, several questions have arisen. CUNA’s compliance staff has been able to connect with a coalition of consumer mortgage lenders to provide answers.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.