Tuesday, February 22, 2011 1:36:00 PM
WASHINGTON - A March 2 subcommittee hearing on the impact of the Dodd-Frank Act on smaller financial institutions is among the items on a just-released, tentative House Financial Services Committee hearing schedule for March 2.
The subcommittee hearing will follow by two weeks a Senate Banking Committee hearing that also focused on Dodd-Frank. That panel looked at regulators' implementation progress at the half-year mark, and lawmakers expressed substantial concern about the Fed's proposed implementation of a Dodd-Frank cap on interchange fees.
CUNA testified at a House Financial Services Committee hearing on implications of the Fed plan and urged Congress to stop, study, and start over on the interchange issue.
At both the House and Senate hearings, bi-partisan concern was expressed over the Fed plan in two key areas for credit unions, the potential costs to consumers if card issuer costs are driven up by the government cap on merchant fees and whether a small-issuer exemption contained in the law will truly protect small-issuers in practice.
Today is the last day to submit comments on the Fed's proposed interchange rule. Credit union professionals, volunteers, and members are urged to visit the NJCUL's Online Grassroots Action Center where they can easily send the Fed a pre-drafted e-mail to weigh-in on this important issue.
NJCUL's Online Grassroots Action Center can be accessed at: http://www.capwiz.com/cuna/nj/home/.