NAFCU,
trades call for comment period extension for Fed's interchange regulation
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
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
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.
Critical Industry Update
Attend NAFCU's State of the Industry complimentary virtual event to hear
the CU industry's best minds dissect the current state of affairs and discuss
what you should expect in the future.
FinCEN
hosting special session tackling innovation in privacy-preserving tech
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
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.
