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News Now

CU System
State legislators favor CUs on dual charter interchange
PHILADELPHIA (7/22/09)--The National Conference of State Legislatures (NCSL) showed its backing for credit unions' position on dual chartering and withdrew resolutions that favored merchants' interchange fee positions in separate actions Tuesday during its annual legislative conference in Philadelphia. NCSL's Standing Committee on Communications, Financial Services and Interstate Commerce accepted the withdrawal of resolutions that sought government limits on interchange fees, a position pushed by the merchants. The resolutions had been scheduled for consideration. The committee's action is a win for credit unions and effectively takes the interchange issue off the table at NCSL, at least for the foreseeable future. The committee also renewed its credit union dual chartering policy, which reaffirms the importance of state-chartered credit unions in the nation's financial system and state governments' support of the private share insurance option. The dual chartering policy was accepted by a unanimous voice vote of the committee representing 25 states, said Chris Johnson, vice president of state governmental affairs at the Credit Union National Association (CUNA). The policy, which has been in effect the past six years, will continue another three years, he said. "The fact that the committee has readopted this policy is a testament to the good work that credit unions nationwide do each and every day," he told News Now. "The state credit unon leagues and individual credit union members keep state legislators well apprised of the significant benefits of credit union membership, and the committee's readoption of the dual charting policy is an overwhelming acknowledgement of how highly the legislators value credit unions' service to their members." Lynn Coard, CUNA's director of state advocacy, attended the conference for the first time and helped staff CUNA's booth at the conference. "I was so thoroughly impressed with the good will that credit unions have generated through their work. Hundreds of legislators stopped by to thank credit unions for the good works they do in their communities," Coard said. NCSL studies issues of importance to states. It prepares reports that legislatures can consider in their states and prepares policy statements intended to guide state legislatures in adopting laws and lobbying Congress on behalf of the states.


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