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CU System
W.Va. newspaper reports Cheneys appeal for reg relief
CHARLESTON, W. Va. (4/20/11)--Credit unions need relief from regulatory burden caused "by a crisis we didn't create," Credit Union National Association (CUNA) President/CEO Bill Cheney told attendees at the West Virginia Credit Union League's 75th Annual Meeting last week, reported the Charleston Daily Mail (April 18).
Click to view larger image Credit Union National Association President/CEO Bill Cheney discussed regulatory relief in a session at the West Virginia Credit Union League’s 75th Annual Meeting. (Photo provided by the West Virginia Credit Union League)
Cheney told about 300 credit union leaders meeting in Charleston, W.Va., that about 20 of the largest banks control about 70% of the financial market. "In many cases, they've turned their backs on consumers, focused on themselves, their shareholders. Credit unions have focused on their customers," he said. CUNA's No. 1 goal is to delay implementation of the proposed debit-card interchange-fee rule in the Dodd-Frank Act, Cheney noted. If it isn't delayed, "our free debit cards and checking accounts aren't going to be free," he said, adding credit unions will 'wait until the last minute" before they raise fees. Rep. Shelley Moore Capito (R-W.Va.) and others have introduced a bill in the House to delay the proposed rule. Cheney said. Ken Watts, president of the league, named two other congressmen from the state who have indicated their support for the delay, said the Daily Mail. Cheney also told the conference that lifting credit unions' member business lending cap to 27.5% of assets from 12.25% is a reasonable request. "We're asking Congress and the president to give credit unions the ability to lend as much as $13 billion in the first year to create up to 125,000 new jobs at no cost to the taxpayer," he said, adding the only group opposing the cap lift "is the banks," according to the article. To read the full article, use the link.
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