LSCU opposes regulatory reform; makes one last push
06/24/2010 05:12 pm
While the House and Senate Conference Committee is continuing its work on developing a final Wall Street Reform bill, it looks like the final bill will include interchange language that is harmful to credit unions and their members. This provision was added during Senate debate on the bill, and for the last month, the LSCU and credit unions have been working to remove the provision from the Conference Committee deliberations. The grassroots activity has been historic, with over 600,000 contacts being made by credit unions across the country including thousands from Alabama and Florida. It was a tremendous response given the relatively quick timing.
While some changes were made to the interchange language in the bill, it did not go nearly far enough. Therefore, the LSCU and CUNA, along with other leagues, made the decision to oppose the entire bill as long as the interchange language is part of it. The League is working on a number of avenues in the short period of time before the final bill goes to the House and Senate for one last vote. Florida credit unions are asked to call Sen. Bill Nelson's office at 202.224.5274. They are asked to thank Sen. Nelson for voting against the Senate regulatory reform bill (S. 3217) and ask him to reach out to Sen. Chris Dodd (D-CT) and ask him to remove the Senate’s bad interchange language from the final conference committee report. Alabama credit unions in the districts for Reps. Bobby Bright (D-2nd) and Artur Davis (D-7th) are asked to contact their offices and express opposition to the bill.
The LSCU thanks all credit unions for the grassroots work they've done and ask that they make this final push.