Credit Unions, League Meet with Rep. Don Beyer

Arlington Community Federal Credit Union's Karen Rosales, Navy Federal Credit Union's Michael Huff and League President/CEO Carrie Hunt met today with Rep. Don Beyer (D-8th) to discuss a number of key credit union issues.

The 30-minute meeting included discussions on interchange and a board governance modernization bill (H.R. 6889) that would change the requirement for federal credit union boards to meet once a month to not less than six times per year (with one meeting in each fiscal quarter). Credit unions in operation for less than five years and credit unions with a CAMELS 4 or 5 rating would still be required to hold monthly meetings.

Also discussed: interchange issues and merchants' recent calls to cap credit card interchange fees. Virginia's credit unions remain firmly opposed to any changes to the current interchange fee model, noting that financial institutions rely on those fees to cover the costs associated with debit and credit card fraud.