June 08, 2023

Berger talks interchange, bank failures on American Banker

Dan BergerNAFCU President and CEO Dan Berger joined American Banker reporter Frank Gargano yesterday to discuss interchange, the recent bank failures, and many other industry hot topics.

During the discussion, Berger said NAFCU’s biggest concern is the interchange legislation introduced yesterday. He remarked that the association will “fight it tooth and nail.” Of note, the legislation closely mirrors the bill from last Congress, which NAFCU successfully kept from moving forward. 

Additionally, Berger reiterated the strength of the credit union industry. He noted that over 90 percent of credit union deposits are insured, and the industry remains well capitalized. Berger added that the American financial ecosystem “is incredibly resilient” and the string of failures is not indicative of the system, but instead “a few bad eggs” with large numbers of uninsured deposits.

Berger and Gargano also discussed:

·       how credit unions can utilize fintechs and other third-party vendors to provide their members with faster, more convenient service;

·       the credit union tax exemption; and

·       how credit unions can reach younger demographics.

Credit unions can see how NAFCU fought for credit unions with the association’s latest update video. NAFCU will continue to provide credit unions with industry-leading advocacy, compliance, and education.