WASHINGTON–The recent Senate hearings on interchange fees and overdraft programs, respectively, yielded few surprises other than indicating attention to both issues will remain, according to one CU lobbyist.
“They went as expected. When it comes to interchange fees, what we have been telling our members is it is important to educate their members of Congress on the role that these fees play,” said NAFCU VP-Legislative Affairs Brad Thaler. “The merchants lobby is going to continue to attack interchange and not necessarily give a fair representation of what (the fees) do to facilitate the market and help the consumer. In some sense, the fight goes on. This is going to remain top of mind.”
Market Already Acting
As for the hearing on overdraft fees, Thaler said the results were similar to what he was hearing during a similar hearing by the House Financial Services Committee in March.
“We have communicated to both committees that you see the market changing when it comes to overdraft programs, so there is no need for legislation,” Thaler said. “Market forces are already bringing about changes. Credit unions have a long history of working with their members when they overdraft accounts. Credit unions have a number of programs to educate members to get them into the right product.”
Student Loan Forgiveness
Meanwhile, As CUToday.info reported, eight different state attorneys general have called on the Biden Administration to forgive federal student loan debt. Thaler acknowledged many people have been advocating for the debt to be forgiven, including in Congress, but there are questions over whether the administration has the authority to take such a step, he said.
“The Biden Administration has hinted at that, that there is only so much they can do,” Thaler said. “We do recognize there are credit unions out there with private student loan programs, and it would have an impact on their products. We are watching, but it hasn’t happened yet. In the current environment you can’t pass anything directly related to this unless it’s part of a reconciliation package.”
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