You may have heard rumblings about the credit union tax exemption being up for debate yet again. It’s a debate we’ve seen before and a cause we’ve defended before. Unfortunately, the so-called controversy never really left us. Time and again, banks have tried to use the argument that credit unions are unfairly benefiting from their exemption from federal corporate income tax. Read more
The Federal Reserve may appeal U.S. District Court Judge Richard Leon’s interchange debit decision by arguing the judge gave undue weight to opinions of Sen. Richard Durbin (D-Ill.) when evaluating the regulation. Read more
More Than $870,000 Heads to Low-Income Credit Unions This Year
The NCUA announced Wednesday that 126 low income credit unions are sharing $871,597 from the agency's 2013 Community Development Revolving Loan Fund's grant round.
“Low-income credit unions play an essential role in their communities and supporting their work is a priority for NCUA,” said NCUA Board Chairman Debbie Matz. “The credit unions that receive these grants will be extending outreach, growing membership and improving income.” Read More
CUNA, NAFCU Argue Against Interim Debit Cap Rule
CUNA and NAFCU said they have joined with a coalition of financial institutions and other trade associations to urge a federal judge to not require the Federal Reserve to put a new debit rule in place while the fate of the original rule is still before an appeals court. Read More
CU Lobbying Efforts Yield a Dry Hole on Capitol Hill
Trade Lobbyists Say It's Not Just About Credit Union-Specific Bills
Sen. Jerry Moran (R-Kan.), Sen. Jon Tester (D-Mont.) and Sen. Mark Kirk (R-Ill.) introduced a regulatory relief bill for community banks July 24 that includes four provisions. Two of those exclusively benefit community banks, and two would benefit both community banks and credit unions.
However, the CLEAR Act contained no credit union-exclusive regulatory relief provisions. Read More
MBLs Grow 34% Since 2008, Bank Commercial Loans Down 10%
Despite the highs and lows within the business lending sector over the past decade, credit unions have still managed to show solid member business lending growth. Read More
Doubts Whether Durbin Ruling Damages Would Impact Most CUs
Even if U.S. District Court Judge Richard Leon orders debit card issuers to pay merchants for past interchange payments, legal experts doubt that his order would include most credit unions. Read More
Breaking News: Judge Delays Interchange Cap Rejection by a Week
An irate U.S District Judge Richard Leon threw the Federal Reserve another curve ball on Wednesday when he gave the Federal Reserve another week to tell him why he should not throw out the 21-cent interchange debit cap immediately.
The judge had stayed his July 31 decision lifting the cap and invalidating the Federal Reserve's debit network rules until Wednesday and he chastised the agency for not being ready to discuss when it could have a new rule in place. Read More
Court Orders Lower Cap on Swipe Fees ~ The Hill
Retailers won a huge victory on Wednesday as a judge ordered the Federal Reserve to lower the limits on swipe fees for debit card transactions.
U.S. District Judge Richard Leon struck down the 21-cent cap set by the Fed nearly two years ago as too high, saying the central bank had ignored the will of Congress. Read More
CUNA, NAFCU Say Durbin Decision Will Hurt CUs ~ CU Times
Overturning the Federal Reserve's cap on debit interchange for large debit issuers will hurt credit unions, the industry's two largest trade associations said last Wednesday after a federal judge threw out the cap. Read More
What's Next After Interchange Cap Ruling? Aug. 14 Hearing Set
Now that U.S. District Judge Richard Leon has invalidated almost all of the Federal Reserve's debit regulations, what might be the next steps? Read More
Durbin Interchange Decision Unexpected, Appeal Uncertain
Whether or not the Federal Reserve can or will appeal last week’s decision overturning two-thirds of its debit interchange regulation hangs in the balance because of several unresolved questions. Read More