NAFCU, trades caution Fed on merchants’ interchange motives

NAFCU and several other financial services industry groups wrote Federal Reserve Chair Jerome Powell ahead of Wednesday’s Federal Reserve Board meeting on debit card interchange fees and routing under Regulation II. The groups urged the Fed to reject merchant requests to make changes to the regulation and to consider the costs of the regulation on regulated entities and their customers.

This week: NAFCU kicks off Management and Leadership Institute, monitors several hearings

Today, NAFCU kicks off its Management and Leadership Institute in Annapolis, Md. The intensive five-day program will prepare attendees to take their career to the next level and lead their credit union into the future. The association is also advocating against potential changes to debit interchange caps ahead of a Federal Reserve meeting Wednesday, in addition to keeping up efforts to fight the Credit Card Competition Act on the Hill.

FinCEN proposes rule for CVC mixing

The Financial Crimes Enforcement Network (FinCEN) Thursday announced a notice of proposed rulemaking that would require financial institutions to report any activity involving convertible virtual currency (CVC) mixing. CVC mixing is a process that obscures the source of funds. FinCEN and the Office of Foreign Assets Control have increased scrutiny on CVC mixing in recent years.

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