WASHINGTON — The debit interchange rule and a range of other new requirements on credit cards and mortgages are adding to the regulatory burden on credit unions and will make it harder for them to serve their members.
That was the message in testimony prepared for delivery to a House subcommittee today by CUNA President/CEO Bill Cheney and Gerber Federal Credit Union President/CEO John Buckley.
Cheney speaks of the "creeping regulatory burdens," that include caps on business lending, changing examination requirements and removal of certain Regulatory Flexibility Act exemptions by the NCUA. He also criticized the Federal Reserve's proposed rule on debit interchange for telling financial institutions that they must run such programs under government restrictions that "require them to do it for less than it costs to operate the program."
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