Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Maine interchange bill stalls in committee
PORTLAND, Maine. (5/9/11)--The Maine Legislature’s Insurance and Financial Services (IFS) Committee voted unanimously to “ought not to pass” on the state’s interchange bill on April 29, said the Maine Credit Union League. LD 1251--An Act To Prevent Credit Card Company Unfair Trade Practices--would have prohibited electronic payment systems from imposing certain restrictions on merchants relating to the acceptance of credit cards, charge cards, debit cards or other stored value cards as payment for goods and services (Weekly Update May 6). Since the bill was introduced, the league took an active role in opposing the legislation. The league coordinated a call to action by credit unions located within the districts of IFS committee members, stating opposition to the bill. Maine credit unions responded by sending 500 messages to the committee. The committee tabled a vote April 8 on the bill and directed interested parties to participate in a stakeholders’ group meeting (News Now April 18). The league and two credit union representatives participated in the stakeholders meeting, testified at another public hearing on the bill, and communicated directly with legislators on the negative impact the bill would have on Maine credit unions and their members. “We provided the committee with accurate information that was helpful in clearing up much of the misunderstanding about what this bill would really do,” said league President John Murphy. “That information and strategy proved important when the committee took its vote. We appreciate the involvement of our governmental affairs committee and credit unions on this bill.” The Credit Union National Association (CUNA) opposes a proposal in Congress capping interchange fees and has told federal lawmakers that such action would harm consumers by driving up costs of debit cards, limiting consumer options, and harming competition and technological innovation. Interchange fees allow business costs, including the risk of consumer nonpayment, to be shared by the payments participants, CUNA said.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
14 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
10 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
10 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
12 hours ago