Citing the provisions that would allow the Federal Reserve to regulate interchange fees, CUNA and NAFCU both expressed opposition to the regulatory restructuring bill that the Senate passed 59-39 last night.
Both groups vowed to lobby hard during the upcoming conference committee between the House and Senate to improve the interchange language, which was part of an amendment sponsored by Senate Majority Whip Richard Durbin (D-Ill.). There is no interchange language in the bill that the House passed last December.
CUNA President/CEO Dan Mica said the measure "continues to include language on interchange that credit unions find unacceptable." He added that CUNA worked with Durbin "in good faith" to make changes to the language, but no agreement could be reached.
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