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News Now

Washington
Congress back CUNA heat on CUBTRRA interchange
WASHINGTON (9/8/08)—Congress returns to session this week after a month-long recess that spanned the Democratic National Convention (DNC) and the Republican National Convention (RNC), and both houses of Congress have set Sept. 26 as their targeted adjournment date for the year. “The rest of the House and Senate calendar year is short, but promises to be intense,” assessed John Magill, senior vice president of legislative affairs for the Credit Union National Association (CUNA). Magill said CUNA will keep the heat on its two year-end priority issues: passage of the Credit Union Bank and Thrift Regulatory Relief Act CUBTRRA); and dissuading lawmakers from allowing government interference in interchange fees. Both issues were key topics for credit unions at the DNC in Denver, Colo. and RNC in St. Paul, Minn. In discussions with lawmakers at the convention, CUNA continued to promote opposition to a bill that would give merchants an antitrust exemption to negotiate interchange fees. CUNA also encouraged support for credit union regulatory relief at every opportunity. CUNA will continue those efforts as lawmakers return to Washington and will also work during the final few weeks left in the legislative session to push for passage of CUBTRRA. “We haven’t given up hope for final passage this year,” says CUNA Vice President of Legislative Affairs Ryan Donovan, who put the chances for passage in 2008 at about thirty percent.


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