In the Brainerd Dispatch, Heartland Credit Union President, Kathy Harrington, shared the major concerns financial institutions have with proposed changes in Congress to the interchange system.
Harrington noted: "Supporters claim this competition will help lower “interchange fees” paid by the merchant on each transaction. Interchange fees help support the security and fraud protection on your card for a fraction of a cent per dollar transacted." "That means retailers could choose the cheapest possible routing option, not the most secure…Overhauling the interchange system needs to make sense for everyone it affects. We know that it would cut costs for merchants, but that comes at a cost for consumers." "Limiting interchange fees makes it likely fewer financial institutions will be able to offer credit cards, or rates will increase just to cover security costs. That means less access to credit for people who need it most." Thanks to Kathy Harrington for sharing her perspective on behalf of Minnesota Credit Unions and their 2 million members. Her editorial was also featured in CUNA News and CU Insight. With a continuing resolution that’s currently funding the government expiring on November 17, newly elected House Speaker Mike Johnson (R-LA) will likely have to file another continuing resolution for a set period of time, but it remains to be seen if the Republican caucus will have an appetite for allowing that.
Last week, the Minnesota Credit Union Network held a virtual town hall with the Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, to discuss issues facing the financial services broadly and credit unions more specifically.
The Minnesota Credit Union Network looks forward to working with Sarah to strengthen the credit union industry in Minnesota.
The Minnesota Credit Union Network is celebrating GREAT Month and encourages credit union advocates and supporters to sign up to become a member of the Grassroots Education and Action Team (GREAT). GREAT provides credit union supporters a way to help preserve, protect and promote Minnesota credit unions. By participating in this program, credit union staff and members join other supporters from across the state in sharing the credit union difference with elected officials. By participating in GREAT, you join thousands of advocates in ensuring credit unions have a strong, unified voice when legislative and regulatory decisions are being made. Earlier this year, when some in Congress proposed radical changes to credit card payments that would dramatically hurt credit unions, thousands of Minnesota credit union advocates sent emails to their elected representatives to tell them to keep their hands off the current interchange system. Consumers and merchants alike benefit from the current interchange system but some lawmakers in Washington, DC are looking to make changes that could impact credit card security for consumers, make it harder for people to access credit, and increase costs to small businesses. Tell your lawmakers to keep the current interchange system that protects cards keeps the economy flowing. There are also opportunities to advance the credit union movement with the introduction of Veterans Members Business Loan Act and the Credit Union Board Modernization Act. These bills would modernize the Federal Credit Union Act to help credit unions operate more efficiently to meet their members' needs. Now is the time to remind members and credit union employees why being engaged in advocacy is essential to protecting our industry. We’re challenging all our member credit unions to increase the number of advocates during the GREAT Month. To help, please use the resources in the GREAT toolkit to help engage new staff and members in the effort. Minnesota Credit Union Leaders Met with Federal Elected Officials and Regulators in Washington D.C.10/4/2023
Last week, for the Minnesota Credit Union Network’s annual Hike the Hill, credit union staff and board members met with the Minnesota Congressional delegation and the National Credit Union Administration (NCUA) to discuss issues of importance to credit unions and the members they serve.
After a 6-week hiatus, Congress is back in session and needs to pass a budget or a short-term continuing resolution before the current fiscal year ends or the federal government will shut down on October 1.
Update on Personal Finance Graduation Requirement; Financial Literacy Coalition Seeking Advocates8/23/2023
Last week, the Minnesota Credit Union Network hosted a webinar on the new Personal Finance Graduation Requirement that was signed into law this year.
During the webinar, Jason Kley, Co-Chair, Financial Literacy Coalition of Minnesota provided and overview of the legislative effort to get the requirement passed into law and the opportunities to advance financial education. Follow this link for a recording of the webinar. We’ll be continuing the conversation at our Financial Education P2P on Sept. 6. The Financial Literacy Coalition of Minnesota and the Minnesota Council of Economic Educators are looking for individuals to collaborate in the implementation of personal finance course:
Complete the engagement survey to share how you would like to participate. Submitting the survey is not a commitment, but a statement of interest. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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