Letter to House Financial Services Committee Chairman Michael Oxley, Ranking Minority Member Barney Frank; Subcommittee on Financial Institutions and Consumer Credit Chairman Spencer Bachus, Ranking Minority Member Bernard Sanders regarding Federal Reserve Board Fee Survey
March 6, 2003
The Honorable Michael Oxley, Chairman
House Financial Services Committee
U.S. House of Representatives
2129 Rayburn House Office Building
Washington, D.C. 20515
Dear Chairman Oxley:
On behalf of the Credit Union National Association (CUNA) and the 83 million credit union members nationwide, I am writing in strong support of reinstating the Federal Reserve Board's annual retail bank fee surveys in legislation either to allow banks to pay interest on business checking accounts or to allow the Federal Reserve to pay interest on sterile reserves. As you know, this survey language was a part of last year's legislation and was dropped upon introduction this year.
CUNA has a long-standing belief that consumers need more, not less, information about the costs associated with financial transactions. In fact, CUNA economists use information garnered from the surveys to assist in the development of fee comparison data. Given the changes brought about by the passage of landmark financial services reform during the 106th Congress, it would be especially unfortunate at this time to reduce public knowledge of fees.
In addition, last year's provision included for the first time credit union fees, the result of which is that the fee reports would more broadly represent the consumer marketplace and provide consumers with a truer comparison.
Thank you for your consideration of this important matter.
Daniel A. Mica
President & CEO
Credit Union National Association