NAFCU
combats Fed proposed changes to interchange regulation
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
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
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.
Watch James Carville keynote
Congressional Caucus
Hear from political strategist James Carville
as he delves deep into the current state of affairs, reviews best practices for
achieving progress during congressional gridlock, and discusses navigating a 50-50
Senate.
Today:
Virtual Summer Reg Compliance School to cover the Truth in Savings Act, Reg E, more
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.
