The cost of a merchant data breach -- whether it is at a large national merchant or a local merchant -- can be significant for credit unions of all sizes. Because of credit unions' cooperative structure, the cost of such breaches are ultimately borne by credit union members.
In keeping with the new Durbin-inspired trend of candor and brevity, Bank of America CEO Brian Moynihan justified the new fee by saying, "we have the right to make a profit." Translation: I think they need the dough.
It's unfortunate that some community bankers have gotten caught up on the wrong side of this battle, but the bottom line couldn't be clearer. Swipe fee regulation is a straightforward fight between Main Street and Wall Street.
The Republicans in the Senate have thrown down the gauntlet: 44 Republican senators have signed a letter saying they won't confirm anyone to be the director of the new Consumer Financial Protection Bureau unless the new agency is made toothless.
Because Republicans want to destroy -- just utterly destroy -- unions, Medicare and Medicaid, the progressive movement and vast majority of the Democratic Party are on the same side. And it is a great feeling.
The ideologues who want no check whatsoever on the power of big business have declared war on the middle class. But these attacks on the things we hold dear are putting the "movement" back in the labor movement.
We await word from Citigroup, JP Morgan Chase, Wells Fargo, and Bank of America. My hope is that they will make sure that every dollar donated to earthquake relief gets directly to the people of Haiti.