Senators Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, are expected to introduce legislation as soon as today in an effort to expand the “Durbin Amendment,” which was enacted in 2010 as part of the Dodd-Frank Act. The NAFCU-opposed legislation, as proposed, would expand the interchange process by creating a new credit card routing mandate, which would be a direct detriment to credit unions and their members while lining the bottom lines of big-box retailers.
During its markup yesterday, the House Financial Services Committee passed by voice vote the NAFCU-backed H.R. 6889, the Credit Union Board Modernization Act, which would amend Federal Credit Union Act language that currently requires credit union boards to meet once a month, to instead require the board to meet no less than six times per year.
The Federal Open Market Committee (FOMC) held its July meeting this week, where the Federal Reserve raised the federal funds target rate by 75-basis points to a range of 2.25 to 2.5 percent.
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NAFCU Chief Economist and Vice President of Research Curt Long earlier this week sat down with POLITICO to provide insight on the relationship between consumer borrowing and inflation trends. Long noted that total consumer credit was up 7.3 percent in May compared to a year ago.
As credit unions work to meet the needs of more than 131 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
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