Sens. Jon Tester (D-Mont.) and Jerry Moran (R-Kan.), both members of the Senate Banking Committee, are preparing to introduce a bill that would provide some regulatory relief for both community banks and credit unions.
The House bill was introduced this Spring by Rep. Blaine Luekemeyer (R-Mo.).
The Senate CLEAR Act would provide regulatory relief to credit unions and community banks, though focuses on banks. The Senate bill includes four key provisions, two of which would benefit credit unions. Read More
Credit Union National Association President/CEO Bill Cheney has encouraged President Barack Obama to "include authority for credit unions to provide more credit to small businesses, which will create at least 140,000 jobs in the first year in communities across the country without the expenditure of a single tax dollar" in any legislative jobs package his administration develops. Read More
U.S. District Court Judge Richard Leon has invalidated the Federal Reserve's cap on debit interchange for debit issuers with over $10 billion in assets and ordered the regulator recalculate it.
The Fed established the debit cap in accord with regulation it put into place to enforce an amendment to the Dodd Frank financial reform law that was named for its chief sponsor, Sen. Richard Durbin (D-Ill.) Read More