The Federal Reserve Board of Governors met Wednesday and issued a request for comment on proposed revisions to the debit interchange fee cap under Regulation II. Under the Fed’s proposal, the interchange fee received by a debit card issuer for a debit card transaction would decrease from 21 to 14.4 cents, the ad valorem component – the number of basis points multiplied by the value of the transaction – would decrease from 5 basis points to 4 basis points, and the fraud-prevention adjustment would increase from 1 cent to 1.3 cents.
In a new op-ed in RealClear Markets, CUNA President and CEO Jim Nussle and NAFCU President and CEO Dan Berger hit back against a recent survey from bankers that misleadingly asserts consumers don’t support the credit union tax exemption. Nussle and Berger pointed to real data that demonstrate the benefits of the industry’s tax-exempt status.
The Republican majority of the House of Representatives elected Rep. Mike Johnson, R-La., to serve as the 56th Speaker of the House of Representatives yesterday, ending a 22-day stretch without a leader for the chamber. Business on the House floor can now resume, and lawmakers are set to tackle funding issues before the continuing resolution to keep the government funded ends on Nov. 17.
The CFPB Wednesday released its biennial report on the state of the consumer credit card market. The report explores credit card trends, differences between consumers based on credit scores, issuer practices, and more.
A new episode of the Credit Union Policy Podcast (CUPP) is now available, exploring trends in the use of technology in the mortgage lending and servicing space.
As credit unions work to meet the needs of more than 138 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
New home sales rose 12.3 percent in September to 759,000 annualized units, while sales in August were revised up 1,000 units. Compared to last year, September’s sales were 33.9 percent higher. NAFCU Research Analyst John Hay examined the data in a Macro Data Flash report.
