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NAFCU’s latest Economic & CU Monitor survey results, now available to member credit unions, show support among respondents for Congress’ move to implement the regulatory relief reforms found in the Financial CHOICE Act (H.R. 10), particularly the proposed repeal of the Durbin interchange amendment. H.R. 10 recently passed the House Financial Services Committee and awaits action by the House. Reports indicate that a vote on the bill could come as early as next month. Continue Reading
CUNA and the leagues issued an action alert Monday to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers. Stakeholders can use CUNA’s Voter Voice system to send a message to their member of Congress. Continue Reading
On Monday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged committee leaders to support the legislation and told them that maintaining the Durbin amendment repeal provision is important and that the association urges members to oppose any attempt to remove the provision from the bill. Continue Reading; full letter below.
CUNA wrote to House Financial Services Committee leadership Monday, urging the members to vote against any removal of the Durbin repeal provision. CUNA issued an action alert last week to spur action on Durbin repeal. As a member of the Electronic Payments Coalition, CUNA sent a letter to the CHOICE hearing listing the reasons why the repeal is needed. Continue Reading; full letter below.
President Ronald Reagan once said, “The nine most terrifying words in the English language are: I’m from the government, and I’m here to help.” The Gipper understood that when the federal government tries to dictate economic outcomes, it distorts markets, harms consumers, and violates the laws of economics. Sadly, some lawmakers are still struggling to understand these realities, and another son of Illinois in the Senate seems determined to ignore them. Continue Reading
On April 28, ABA, CBA, CUNA, EPC, FSR, ICBA, and NAFCU sent a letter to HFSC Chairman Hensarling and Ranking Member Waters urging repeal of the Durbin Amendment as part of CHOICE Act.
This week, big-box retailers and their lobbyists will be on Capitol Hill with an unenviable chore: to defend a policy that hurts consumers, harms small retailers and makes no economic sense. Their goal is to protect the Durbin amendment, a bad policy passed through an even worse legislative process. More and more members of Congress now recognize that this change was a mistake that has resulted only in a massive windfall for large retailers. Continue Reading
In February, the White House issued a set of “Core Principles” for financial services reform that requires agencies to “empower Americans to make independent financial decisions and informed choices in the marketplace.” A good place to start would be for Congress to repeal the so-called Durbin Amendment of the Dodd-Frank Act. Seven years ago, Democratic Illinois Sen. Richard Durbin rammed through an eleventh hour amendment to Dodd-Frank that imposed price controls on the permissible rate that large banks can charge for debit card interchange fees (the service fee paid by a merchant to the bank that issues the consumer’s card). Continue Reading
Ahead of the April 26 House Financial Services Committee meeting on the CHOICE Act, ABA, CBA, CUNA, EPC, FSR, ICBA, and NAFCU sent a letter to the Committee in support of Section 735 of the bill, which fully repeals the Durbin amendment.