WASHINGTON – Even as the credit union industry continues to reel under the assault of plastic card fraud, it looks increasingly unlikely that Congress is going to send any cavalry to the rescue in the form of additional laws or authority.
The perennial Washington battle over turf among competing federal agencies and competing Congressional committees appears to be the main culprit, according to lobbyists for both NAFCU and CUNA-though they differ a bit on what the prospects for an overall bill might be this year.
Dean Sagar, vice president for legal affairs with CUNA, takes the most pessimistic view-a position he would likely characterize as realistic-pointing out that differences in approach among the three most likely House bills-backed by the Commerce, Financial Services and Judiciary Committees-have yet to be completely resolved. He also pointed out that the Senate has not even scheduled any action on two different measures that were marked up late last year.
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