Blog
- CUs, League Note Opposition to Interchange Bill in Meeting Sen. Tim Kaine
March 7, 2024Our "Hike The Hill" efforts are off to a fast start today! Credit union and League representatives met with Sen. Tim Kaine (D-Va.) to discuss our legislative priorities, including our opposition to the Credit Card Competition Act, a measure that would alter the current interchange system and negatively impact credit unions' ability to fight fraud.
- League Notes Growing Pressure and Attacks on Fees, CU Business Model
March 7, 2024Your League has reported widely on the growing pressure credit unions are facing on the fees they charge. In recent weeks, we’ve seen new fee reporting requirements for some credit unions, a move from the CFPB to eliminate NSF fees, a proposal targeting overdraft fees charged by very large financial institutions, and days ago, CFPB’s issuance of a final rule on credit card penalty fees. “Your League continues to push back against these measures, many of which we know will negatively impact credit availability, result in higher interest rates across the board, and threaten the credit union business model,” said League Chief Advocacy Officer JT Blau.
- FinCEN: Alabama Court Ruling on Corporate Transparency Act Only Covers Named Plaintiffs; Other Must Comply with Reg
March 7, 2024Attorney Brandy Bruyere made note of a press release from FinCEN in response to Friday's ruling from a federal court in Alabama that the Corporate Transparency Act is unconstitutional.
- CUs, League Celebrate Productive Day of Legislative Meetings on Capitol Hill
March 7, 2024Credit unions and the League are celebrating another successful “Hike The Hill,” having met with eight Congressional offices today. Learn more about yesterday’s meetings here, our reception with Sen. Mark Warner here and our meeting with Sen. Tim Kaine here.
- FIs, Chamber Sue Over Late Fee Cap Slated to Cost $10 Billion
March 7, 2024As expected, the U.S. Chamber of Commerce and banking trade associations have sued to block a Consumer Financial Protection Bureau rule capping credit card late fees at $8.
- League Supports 'Stop-and-Study' Legislation for Fed's Debit Interchange Proposal
March 6, 2024Rep. Blaine Luetkemeyer, R-Mo., introduced the Secure Payments Act (H.R. 7531), which would stop the finalization of the Federal Reserve’s proposed debit interchange proposal. Credit unions strongly oppose the Fed’s proposal, and the introduction comes as nearly 6,000 credit union advocates are in Washington, D.C., for the 2024 Governmental Affairs Conference. “We welcome the introduction of this legislation because we understand that credit unions will be negatively impacted should the Federal Reserve Board adopt the rule it has proposed. The fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League Chief Advocacy Officer JT Blau.
- CUToday - GAC Coverage: What’s Up on the Litigation Front? Once Again, Plenty
March 6, 2024A breakout session that is annually designed to scare the wits out of attendees was once again widely attended sessions during America’s Credit Unions GAC here, where three attorneys offering updated on all the litigation threats faced by CUs.
- League Pleased That Lawmakers Appear Near on Deals to Fund the Federal Government
March 6, 2024The House is expected to pass a package of six spending bills to fund a major swath of the federal government and avoid a partial government shutdown this weekend. This will set the stage for final negotiations over the rest of the year’s budget after months of political wrangling. The Senate is expected to vote by the end of the week.
- CUs, League Meet with Federal Lawmakers on Day 1 of 'Hike The Hill' Visits
March 6, 2024Your League and member credit unions spent the day on Capitol Hill, meeting with Reps. Morgan Griffith (R-9), Jennifer Kiggans (R-2), and key staff members for Bobby Scott (D-3). Additional meetings with lawmakers are scheduled for tomorrow. "Although we are continuously engaged with federal lawmakers on our issues, meetings like those today offer member credit unions a unique opportunity to highlight the 'Credit Union Difference' for policymakers and hear lawmakers' perspectives on the issues facing our industry," said JT Blau, the League's chief advocacy officer.
- CFPB Issues Final League-Opposed Credit Card Penalty Fee Rule
March 5, 2024The Consumer Financial Protection Bureau today issued its final rule on credit card penalty fees. "We maintain that the Bureau's rule fails to consider the negative consequences likely to result from the regulation, including interest rate hikes and changes to other terms and fee amounts," notes League Chief Advocacy Officer JT Blau. "The proposal also does not take into account credit unions' member-owned, not-for-profit business model, which incentivizes credit unions to keep fees reasonable and proportionate to the costs of providing the service."