Monday, March 21, 2011 12:00:00 PM
WASHINGTON - CUNA President/CEO Bill Cheney has asked Consumer Financial Protection Bureau (CFPB) architect Elizabeth Warren to join those who are requesting a delay in implementation of the Fed's rule on interchange fees.
Cheney said that CUNA would "deeply appreciate" Warren's input and would be glad to meet with her to discuss interchange further. CUNA met with Warren on the interchange issue during the recent 2011 Governmental Affairs Conference (GAC).
CUNA representatives and Warren have also discussed the regulatory burden faced by credit unions and other issues during other meetings. In this most recent communication, Cheney recommended that Warren consider adding a formal regulatory burden monitoring function to the CFPB's pending Office of Community Banks and Credit Unions.
The CUNA leader said that such a move would be "extremely well-received by credit unions."
Warren last week told members of the House Financial Services Committee that the CFPB would work with credit unions and other small institutions as it pursues various rulemaking priorities, and added that the agency would protect credit unions and community banks as it develops and revamps regulations.
Numerous regulators, legislators, consumer groups, and members of the press in recent weeks have called for a delay in interchange regulation implementation.
Legislation was introduced last week in both the House and Senate that would push back implementation to allow further time for study of the interchange regulation's impact on credit unions, small issuers, consumers, and merchants.