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CU testifies at Pa. ATM-surcharge hearing
PHILADELPHIA (5/10/10)--Lee MacMinn, Pennsylvania Credit Union Association (PCUA) Governmental Affairs Committee member and president/CEO of Freedom CU, Warminster, testified Thursday about ATM surcharges on behalf of Pennsylvania credit unions before the State House Commerce Committee.
Lee MacMinn (right) of Freedom CU, Warminster, Pa., testifies before the State House Commerce Committee during a hearing in Philadelphia on ATM surcharging. (Photo provided by the Pennsylvania Credit Union Association)
The hearing was held at the Wharton School of Business in Philadelphia to gather input from stakeholders about ATM surcharging and disclosure, and preauthorized electronic fund transfers (Life is a Highway May 7). Although Regulation E provides a safety network for consumers, the hearing allowed MacMinn to explain what credit unions do for their members in these areas, PCUA said. MacMinn provided the committee with an overview of how credit unions have proactively responded to the issue of surcharging by joining networks like CU$, CO-OP Network, Allpoint, and Shared Branching, so members can access ATMs. State Rep. Rosita Youngblood (D-Philadelphia), the sponsor of the ATM surcharging bill and longtime credit union member, said she and her family feel that they all have a stake in their credit union and recommended that other financial institutions look at implementing programs such as CU$ for their customers. Payday lending and overdraft protection also were discussed at the hearing because some committee members have been hearing concerns from their constituents, said PCUA. State Rep. Curtis Thomas (D-Philadelphia), the sponsor of the electronic funds transfer bill, thanked credit unions for being the best weapon to combat predatory loans. Christina Mihalik, PCUA vice president of governmental affairs, also attended the hearing.
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