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News Now

Washington
Inside Washington (04/07/2011)
* WASHINGTON (4/8/11)--Regulators testified at a Senate Banking Committee hearing on the state of community banking Wednesday, saying that the proposed interchange rule could hurt small financial institutions. Officials from the Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency acknowledged that the exemption for financial institutions under $10 billion may not benefit many small financial institutions (American Banker April 7). Lawmakers at the hearing remarked about the unusual level of agreement between regulators and the industry in their reservations about the law. Even FDIC Chairman Sheila Bair, who is a strong supporter of Dodd-Frank, sent a letter to the Fed raising concerns about the interchange proposal. The Credit Union National Association opposes the cap on interchange fees and has urged Congress to stop the Fed's work on the interchange proposal and study the possible unintended consequences of the Dodd-Frank Act provision …


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