Reg Reform, Interchange On Tap at NAFCU Congressional Caucus

September 22, 2016 3:37 PM

Not Interchangeable

MasterCard SVP and Head of North America Public Policy and Global Trade Tucker Foote discussed issues related to interchange income. Prior to working for the international credit card corporation, Foote was a Congressional staffer serving the House Financial Services Committee.

Undoing Dodd-Frank

Sen. Ted Cruz, formerly a contender for the GOP presidential candidacy, spoke of an issue near and dear to many a credit union heart: repealing the Dodd-Frank Act. Though no longer in the race for the White House, Cruz remains in the U.S. Senate, where he represents Texas. His term will not be up for reelection until 2018.

Playing the Field (of Membership)

National Credit Union Administration Chairman Rick Metsger told the NAFCU Congressional Caucus audience that the agency is still on track to issue a proposal to update the agencys field of membership rules. Metsger stood by previous promises to unveil the FOM overhaul this fall, despite threats from the Independent Community Bankers of America to sue the regulator over it, as the group has already done with NCUAs recent revamp of the member business lending rules.

Whipping CFPB into Shape?

House Chief Deputy Whip Patrick McHenry, R-N.C., touched on the importance of credit union advocacy efforts and issues related to the Consumer Financial Protection Bureau (CFPB) in his remarks at NAFCUs Congressional Caucus.

With Friends Like These?

Consumer Financial Protection Bureau Director Richard Cordray told credit union executives they have a friend in the bureau, telling attendees of NAFCUs Congressional Caucus that the regulator agrees that CUs did not cause the financial crisis and performed well during that difficult period. But members of the audience were disappointed when Cordray declined to answer questions following his remarks.