WASHINGTON—Debit and credit card interchange, terrorism financing and, of course, the ongoing vacancy in the Speaker of the House will all be capturing the attention of Washington and credit union trade groups this week.
As CUToday.info reported, both trade groups will be closely watching the Federal Reserve’s meeting on Wednesday, during which it interchange is likely to be on the agenda.
“The Fed is widely anticipated to propose a reduction to the interchange fee cap, which, of course, would be incredibly problematic,” said NAFCU Vice President of Regulatory Affairs Ann Petros.
NAFCU Vice President of Legislative Affairs Brad Thaler said NAFCU will be watching several developments on Capitol Hill, and that includes separate efforts to reduce credit card interchange via the Credit Card Competition Act.
“The Senate continues its appropriations work, so, we're watching to see what develops on that front, potential amendments, and anything that would develop addressing efforts from the merchant community on credit card interchange.”
CUNA: Leagues on the Hill
CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak said two CUNA-affiliated state leagues will be hiking the Hill this week and also looking to discuss interchange, as well as rules related to member business lending and cannabis banking.
The House is back in session today, and will continue the process of trying to elect the next speaker.
Stverak said that in addition to other hearings it will be following, it will be focused on the increased attention on crypto and illegal financing terrorist related activities in response to what has happened in Israel.
Other events this week:
Tuesday
- The House Financial Services Subcommittee on Financial Institutions and Monetary Policy will hold a hearing on the Biden Administration’s authority over financial regulation
Wednesday
- The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing on financial services modernization
- The House Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions will hold a hearing on terrorism financing
Thursday
- The Senate Banking Committee will hold a hearing on combating the networks of illicit finance and terrorism