Page 4 - Greg Mesack News Today

Longtime credit card interchange critic Sen. Dick Durbin reportedly plans to introduce a bill this week challenging the control Visa and Mastercard have over credit card swipe fees by expanding competition among merchant card-processing networks.

A recent survey suggests the public thinks banks outperform credit unions on digital offerings. One industry expert says the opposite is true.

Credit unions were unable to garner enough support for a bill that would allow them to hold funds for government agencies in the Centennial State.

The National Association of Federally-Insured Credit Unions' new campaign highlights $243 billion in fines slapped on Wall Street banks. The group says it's responding to political attacks, but the banking industry says NAFCU is trying to distract from criticism of its tax exemption.

Some Senate Democrats are mulling a revised proposal that would require banks and credit unions to report account data tied only to business, not personal, income. Despite the change and attempts to minimize compliance costs, industry officials remain opposed.

The industry generally likes a National Credit Union Administration plan that would count Treasury funds as secondary capital. But it opposes the exclusion of 30-year investments under the the Emergency Capital Investment Program, which credit unions say are essential to revitalizing Black and Hispanic communities.