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CUNA preps for new reg reform rules
WASHINGTON (7/20/10)—The Credit Union National Association (CUNA) continues to analyze the recently passed financial regulatory reform package, and CUNA is springing into action ahead of the expected signing of the reform package. CUNA’s interchange task force will reconvene later this week to discuss that portion of the legislation, and following CUNA’s discussions with Federal Reserve staff, the group will be providing detailed recommendations as the regulations are developed. While passage of the interchange provisions, which were attached to the larger financial regulatory reform package, was certainly a negative for credit unions overall, the legislation includes an exemption for debit card issuers with less than $10 billion in assets. Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, has stated that the terms of the exemption would be closely watched. CUNA remains concerned that while most credit unions will be exempt from the Fed’s interchange fee rules, they won’t be untouched by their total impact on the debit and credit markets. CUNA is also working to address the overall bill, and will continue to discuss issues with representatives from the Fed and the U.S. Treasury to help address credit union concerns. CUNA will also continue discussions with the Federal Reserve’s consumer protection division and will seek meetings with members of the Consumer Financial Protection Bureau once it is established under the regulatory reform legislation.


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