Letter to House Committee on Financial Services Regarding H.R. 1224
April 26, 2005
On behalf of the Credit Union National Association (CUNA), which represents more than 90 percent of our nation's 9,000 state and federal credit unions and nearly 86 million credit union members, I would like to bring your attention to the Business Checking Freedom Act of 2005, H.R. 1224, which is scheduled to be marked-up by the House Financial Services Committee tomorrow, April 27th.
CUNA strongly supports the provision of H.R. 1224 that includes credit unions in the Federal Reserve's annual survey in order to make it easier for consumers to comparison shop when looking for financial services providers. As you know, the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) required the Federal Reserve to study and report annually on the cost and availability of certain banking services. H.R. 1224 will make the fee study permanent, and include a number of fees for traditional banking services such as "lifeline" accounts, remittances, electronic banking fees and ATM surcharge fees for non-customers.
Including credit unions in the Federal Reserve Board's annual retail bank fee survey will document the differences in costs between banks, thrifts and credit unions in a way that helps consumers and enhances competition in the marketplace.
Daniel A. Mica
President & CEO
Credit Union National Association