President Barack Obama signed into law the most comprehensive financial regulatory overhaul since the Great Depression on Wednesday. Despite opposition from credit unions, CUNA CEO Bill Cheney, former CEO Dan Mica and NCUA Chairman Debbie Matz were present when the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed.
President Obama spoke to an audience of about 400 people in the Ronald Reagan Building that included Wall Street bankers, consumers hurt by the 2007-2009 financial crisis and lawmakers. The Senate last week gave final approval to far-reaching legislation sought by the Obama administration to tighten rules on Wall Street and across the financial industry in an effort to avoid a repeat of the financial crisis. Credit unions opposed the bill because of the inclusion of an amendment to regulate interchange fees. Over the next nine months, the LSCU and CUNA will work with the Federal Reserve to ensure the interchange language is fair to the financial institutions that assume the risk of providing debit card programs.