FINE Line Is Being Walked On Overdraft Protection Bill

Credit Union Journal, The, October, 2007 by Analysis Ed Roberts

The credit union lobby is walking a tightrope as it works to defeat a bill that would regulate overdraft protection programs.

That's because the bill was written by Rep. Carolyn Maloney, the New York Democrat who chairs the House Financial Services Subcommittee on Financial Institutions, and it has strong support from Barney Frank, the Massachusetts Democrat who chairs the Financial Services panel. Support from the two are critical if the credit union lobby wants to move its pet priority, the CU Regulatory Improvements Act, through Congress. The two lawmakers will make the final decision on whether to hold a hearing on CURIA, then whether to vote the bill in committee.

Credit union lobbyists are cognizant of the difficulties in working in tandem with the banking...

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