Also: Association hosts CEOs Conference, monitors Hill activity this week; Moore asks for exam clarity on CAMELS
NAFCU TODAY | The News You Need Daily.
May 10, 2021
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Fed seeks comment on interchange regulation, releases report on transactions [ [link removed] ]
The Federal Reserve Friday issued a proposal to make changes to Regulation II – which covers debit card interchange fees and network routing exclusivity – that would clarify debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present transactions, such as online purchases. The proposal does not make changes to interchange fee pricing.
This week: NAFCU hosts CEO Conference, engaged on Capitol Hill [ [link removed] ]
The House and Senate are both in session this week. NAFCU's award-winning advocacy team will be engaged as the House Financial Services Committee holds a markup Wednesday and will monitor other hearings on issues ranging from cybersecurity to taxes to small business innovation.
NAFCU offers NCUA feedback on proposed changes to CAMEL rating system [ [link removed] ]
NAFCU Regulatory Affairs Counsel Aminah Moore wrote to the NCUA Friday in response to a proposed rule to make changes to its CAMEL rating system. Moore detailed NAFCU's general support for the changes and requested that the agency provide credit unions with a detailed explanation of the changes as they relate to the examination process.
NAFCU cautions CFPB on added burdens of mortgage servicing changes [ [link removed] ]
As the CFPB considers changes to mortgage servicing requirements to protect borrowers affected by the coronavirus pandemic, NAFCU's Kaley Schafer urged the bureau "to provide clarity surrounding this rule's early intervention requirements and the streamlined loan modification option to reduce implementation burdens on servicers."
April jobs report lower than anticipated; economy gains 266k jobs [ [link removed] ]
The Bureau of Labor Statistics revealed that non-farm payrolls increased 266,000 in April, and the unemployment rate rose to 6.1 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
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