Credit unions talk interchange proposal, liquidity with Fed vice chair

Credit unions met with Federal Reserve Vice Chair Philip Jefferson Monday to discuss a range of policy priorities to help credit unions increase service to members and communities. America’s Credit Unions President/CEO Jim Nussle, members of its advocacy team, Leagues, and credit unions discussed the Fed’s debit card interchange cap proposal, liquidity,  the fraud epidemic, and more.

“We thank Vice Chair Jefferson for his time and attention listening to credit union policy priorities,” Nussle said. “In addition to going over detailed concerns with the Fed’s debit card interchange proposal, we highlighted the many ways credit unions work to increase financial well-being for all Americans, and the latest examples of why credit unions are an essential part of the financial services marketplace.”

Nussle and Jefferson were joined by America’s Credit Unions’ Greg Mesack and Madison Rose, as well as:

  • John Bratsakis, president/CEO of the MD|DC Credit Union Association;
  • Nicola Foggie, chief regulatory officer of the CrossState Credit Union Association;
  • Grace Newcombe, vice president of federal advocacy and communications for the League of Southeastern Credit Unions;
  • Tim Anderson, president/CEO of U.S. Senate Federal Credit Union;
  • Rick Stafford, president/CEO of Tower Federal Credit Union;
  • Amanda Habansky, president/CEO of Peoples Advantage Federal Credit Union; and
  • Jill Peterson, president/CEO of ABCO Federal Credit Union.

The Fed proposed in October to update all three components of Regulation II’s interchange fee cap based on the latest data reported to the board by large debit card issuers.

America’s Credit Unions strongly opposes the proposal, and successfully advocated for a 90-day extension to the comment deadline earlier this year. Comments are now due May 12.

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