Congress has returned from recess and will hold several hearings of note. NAFCU will closely monitor CFPB Director Rohit Chopra’s appearances before both the Senate Banking Committee and the House Financial Services Committee as he delivers the bureau’s semi-annual report to Congress.
NAFCU Chief Economist and Vice President of Research Curt Long wrote the NCUA Tuesday to reiterate the association’s comments at the public hearing on Nov. 16. In the letter, Long called on the agency to provide more justification for the budget increases and added that “the NCUA's dedication to credit unions should motivate them to aim for annual budget reductions.”
In recently released minutes from the Federal Open Market Committee’s (FOMC) latest meeting, members indicated they would be hesitant to raise rates again, unless economic data indicated insufficient progress in lowering inflation to its 2 percent target.
NAFCU and other financial services trade groups have requested a 90-day extension to the Federal Reserve’s notice of proposed rulemaking (NPRM) regarding Debit Card Interchange Fees and Routing (Regulation II). The NPRM would substantially reduce the interchange fee cap and permit the Board to amend the interchange fee cap every two years without engaging in a notice and comment rulemaking process.
