Fed
seeks comment on interchange regulation, releases report on transactions
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
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
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.
There's
still time!
Nominate a top-notch employee or volunteer for a NAFCU
Annual Award. Your credit union's unsung heroes deserve recognition.
NAFCU
cautions CFPB on added burdens of mortgage servicing changes
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
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.
