Also: Digital bank eliminates overdraft fees; Fed issues proposed rule related to FedNow



NAFCU TODAY | The News You Need Daily.

June 3, 2021



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NAFCU, trades call for comment period extension for Fed's interchange regulation [ [link removed] ]
NAFCU joined with several other financial services industry trades Wednesday to urge the Federal Reserve to offer an extension of the comment deadline for its proposal to make changes to Regulation II, which covers debit card interchange fees and network routing exclusivity. The proposal states that 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.


Digital bank eliminates overdraft fees, financial services company applies for charter [ [link removed] ]
Ally Bank announced Wednesday that it has eliminated all overdraft fees for its customers, one week after Sen. Elizabeth Warren, D-Mass., remarked that federal regulators should be more aggressive in policing bank overdraft charges during a Senate Banking Committee hearing.


Fed issues proposed rule related to FedNow Service [ [link removed] ]
The Federal Reserve Tuesday issued a proposed rule to govern funds transfers over its FedNow Service that would establish a new, comprehensive set of rules and set out legal rights and obligations of the Reserve Banks and FedNow Service participants.






FinCEN hosting special session tackling innovation in privacy-preserving tech [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) will host a special Innovation Hours Program session September 9 with a focus on the role of privacy-preserving principles in developing technical solutions that enhance financial services. The session will also discuss how these technical developments must counter the illicit activity and national security risks that undermine the integrity and opportunity of the U.S. financial system. 


Beige Book reveals slight increase in economic activity [ [link removed] ]
The Federal Reserve's Beige Book, released Wednesday, revealed national economic activity expanded at a moderate pace from early April to late May, a somewhat faster rate than the prior reporting period.



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