Also: Amendment to remove burdensome reporting requirement rejected in the Senate; Last day to submit ECU Monitor survey responses
NAFCU TODAY | The News You Need Daily.
August 11, 2021
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NAFCU combats Fed proposed changes to interchange regulation [ [link removed] ]
NAFCU Regulatory Affairs Counsel James Akin wrote to the Federal Reserve Tuesday in response to proposed modifications to Regulation II clarifying the requirement for debit card issuers to enable – and allow merchants to choose from – at least two unaffiliated networks for card-not-present (CNP) transactions, such as online purchases.
Bid to strike IRS reporting requirement for FIs from Senate budget resolution falls short [ [link removed] ]
The Senate on Tuesday rejected, by a 49-50 vote, a NAFCU-backed amendment from Senate Finance Committee Ranking Member Mike Crapo, R-Idaho, to remove the burdensome tax reporting requirement on financial institutions included in the Senate's fiscal year 2022 Budget Resolution. Since the inclusion of the reporting requirement in the FY22 proposed budget, NAFCU has engaged with lawmakers to strongly advocate against it; Crapo cited NAFCU's advocacy on this issue in the amendment's announcement.
CUs: Share feedback on Reg E, small dollar loans [ [link removed] ]
Credit unions are encouraged to share their insights and perspective on issues related to Regulation E & small dollar loans via this month's Economic & CU Monitor survey. Responses to the survey are due today; the survey can be filled out online.
Today: Virtual Summer Reg Compliance School to cover the Truth in Savings Act, Reg E, more [ [link removed] ]
The second day of NAFCU’s Virtual Summer Regulatory Compliance School begins this morning with a discussion on the Truth in Savings Act, followed by sessions designed to equip compliance professionals with a deep understanding of key regulations, rules, and legislative updates that are impacting credit union operations daily.
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NAFCU Calendar: [link removed]
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