NAFCU continues opposition to proposed interchange bill

NAFCU wrapped up the 2022 Congressional Caucus in Washington, D.C. earlier this week, where credit unions were able to hear from lawmakers and regulators and meet with them directly. Interchange remains a hot topic in the credit union industry, as it was discussed during several sessions throughout the event, with attendees taking concerns about the Credit Card Competition Act (CCCA) to the Hill in meetings with lawmakers.  The CCCA, which aims to benefit big box retailers by extending debit routing requirements to credit interchange, was introduced by Senators Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, earlier this summer and is the main topic for series of retailer fly-ins that started this week as big box retailers try to advance this legislation at the expense of community institutions and consumers.

CFPB announces NAFCU-sought regulation of BNPL companies, issues report on BNPL market

The CFPB Thursday announced it will conduct supervisory examinations of buy now, pay later (BNPL) companies and bring them in line with consumer protection laws, providing credit unions with a more certain regulatory environment around BNPL. Earlier this year, NAFCU wrote to the CFPB in response to its inquiry into providers of BNPL products, urging the CFPB to “take steps to ensure that these unregulated lenders institute adequate consumer protection practices.”

40 House members write SBA on PPP “Good Faith Error” rule

A group of 40 Representatives joined a NAFCU-backed letter led by House Small Business Committee Member Representative Chrissy Houlahan, D-Pa., Representative Judy Chu, D-Calif., and Committee Chairwoman Nydia M. Velázquez, D-N.Y., to Small Business Administration (SBA) Administrator Isabella Casillas Guzman requesting the SBA review the paycheck protection program (PPP) “Good Faith Error” rule.    

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NCUA hosts webinar on interest rate risk supervisory framework updates

The NCUA on Thursday held a webinar to discuss and share more information with credit unions on its recent updates to the interest rate risk (IRR) supervisory framework. The virtual event was attended by more than 1,000 credit union officials, reaffirming the industry’s high level of interest in the topic.

NCUA agenda covers subordinated debt, CUGMA implementation, SIF quarterly report, more

The NCUA Board next week will receive a board briefing on the Share Insurance Fund (SIF) Quarterly Report, in addition to updates on two proposed rules: subordinated debt and member expulsion in the federal credit union (FCU) bylaws, which implements the changes made by the Credit Union Governance Modernization Act (CUGMA). The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.

5 things to know this week

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.

Retail sales growth ‘outpaced inflation’ in August

Total retail sales grew in August following a decrease of 0.4 percent in July. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.