Retailers
file interchange lawsuit against Fed
North Dakota-based associations
representing retailers have filed a lawsuit against the Federal Reserve, arguing
the Fed should lower the cap on interchange fees for debit card transactions.
NAFCU is opposed to any efforts that would lower debit card interchange fees.
Harper
details request for additional SIF authority
NCUA Chairman Todd Harper
detailed his request for Congress to make statutory changes to allow the agency
more authority to make changes to the National Credit Union Share Insurance Fund
(NCUSIF) in a letter sent last month to Sen. Pat Toomey, R-Pa., according to the Credit Union Times.
5 things to know this week
An Experian vulnerability left tens of millions of Americans' credit scores
exposed. The Financial Crimes Enforcement Network (FinCEN) renews Geographic Targeting
Orders (GTOs) for title companies. An update on the Small Business Administration's
(SBA) COVID-related relief programs. Learn more about these and other developments
from this week credit unions should be aware of.
NAFCU's State of the Industry Event
Hear from the CU industry's best minds as they delve deep into the data,
trends and takeaways you need now to push past the pandemic, at our complimentary
virtual event.
New
NAFCU Network insight post outlines debt collection updates
In a new
post on NAFCU's Compliance, Risk, & BSA Network, NAFCU's Kaley Schafer
breaks down noteworthy updates in the debt collection space that, while not directly
impacting credit unions, may potentially impact the industry later. In addition,
Schafer reviews recent litigation related to the Fair Debt Collection Practices
Act (FDCPA) that present significant impacts for financial institutions in the 11th Circuit Court of Appeals.
NAFCU
supports NCUA's efforts to modernize lending, investment authorities
As the NCUA considers allowing credit union service organizations (CUSOs) to originate
all loans that federal credit unions can originate, NAFCU's Aminah Moore
offered the association's support but cautioned the agency against future
efforts to permit additional CUSO activities without going through a transparent rulemaking process.
New
on the Compliance Blog: Litigation risks, latest from the CFPB, more
As credit unions work to meet the needs of more than 124 million Americans during
the coronavirus pandemic, NAFCU's award-winning regulatory compliance team
continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
GDP
Q1 estimate still below pre-pandemic level; NAFCU expects growth to surge in Q2
The Commerce Department Thursday released its first estimate of economic activity
for the first quarter, which showed the U.S. economy grew 6.4 percent. In a new
NAFCU Macro Data Flash report, NAFCU’s Curt Long highlighted that "GDP
is still below is pre-pandemic level, but consumer spending and fixed investment
are driving the first stage of the recovery.”
