Thursday, Senators Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, introduced legislation to expand the “Durbin Amendment,” which was enacted in 2010 as part of the Dodd-Frank Act. The NAFCU-opposed legislation, the Credit Card Competition Act of 2022, aims to expand interchange price controls by creating a new credit card routing mandate, which would be a direct detriment to credit unions and their members.
The House Financial Services Committee concluded its markup Thursday where the committee passed by a 27-22 vote the NAFCU-opposed Overdraft Protection Act, which would significantly limit overdraft protection programs and hinder the ability to assess nonsufficient fund (NSF) fees, as well as the Expanding Access to Credit through Consumer-Permissioned Data Act by a 28-23 vote.
The Commerce Department released its advanced estimate of economic activity Thursday, showing the U.S. economy, in terms of real Gross Domestic Product (GDP), contracted by 0.9 percent in the second quarter of 2022 – marking two straight quarters of decline. In a new NAFCU Macro Data Flash report, NAFCU Vice President of Research and Chief Economist Curt Long said, “as the tiresome debate drags on as to whether that alone amounts to a recession or whether material weakening in the labor market is also necessary, the numbers clearly point to a slowing economy.”
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NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
NAFCU sent members a Regulatory Alert Thursday on the NCUA’s proposal requiring federally-insured credit unions (FICUs) who experience reportable cyber incidents to report the incident to the NCUA as soon as possible, but no later than 72 hours after the FICU believes it has experienced such an incident.
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