Members of the Senate Judiciary Committee discussed interchange fees at a hearing Wednesday, with several noting arguments made by CUNA, Leagues, and credit unions about their importance. Credit unions strongly oppose any expansion of the Durbin Amendment.
Credit union supporters saw victories in Tuesday’s primaries in Ohio and Indiana, as all 19 credit union supporters in the two states won Tuesday. Candidates were supported by the Ohio Credit Union League, Indiana Credit Union League, and the Credit Union Legislative Action Council.
CUNA strongly objects to legislation, regulation and other government intervention to restrict the ability of credit unions to offer overdraft protection plans that help members resolve short-term financial difficulties, CUNA wrote in advance of a hearing on overdraft fees.
Expansion of the Durbin Amendment to the credit market will lead to less spending power for consumers, CUNA, the American Association of Credit Union Leagues, and all credit union Leagues wrote to the Senate Judiciary Committee in advance of its hearing on interchange fees.
America’s credit unions vehemently oppose any regulation or legislation that impacts the operation of debit or credit cards, CUNA wrote to the Senate Judiciary Committee Tuesday, adding that the Durbin Amendment is the "purest example of a failed government policy."
Credit unions strongly oppose any expansion of the Durbin Amendment through antirust or any body of law, CUNA and other organizations wrote to Senate Judiciary Committee leadership Monday. The committee is scheduled to conduct a hearing on interchange this week.
The Senate is in Washington, D.C. this week, and CUNA will be engaged with several committee hearings, including ones covering interchange and overdraft practices. The Senate is also expected to consider presidential nominees.
CUNA issued an action alert Friday calling on the Senate Judiciary Committee to oppose any changes to the current interchange system ahead of a May 4 hearing.
Financial institutions should be permitted to lawfully serve businesses that engage in cannabis-based businesses authorized under their state laws, even when such activity may be inconsistent with federal law, said CUNA in a letter to Senate leadership Friday.
CUNA called on the National Credit Union Administration (NCUA) this week to provide additional prompt corrective action (PCA) relief that would help credit unions remain operational in the wake of the COVID-19 pandemic.