NAFCU, trades warn Congressional leaders on risks surrounding House interchange bill

On Tuesday, NAFCU joined the American Bankers Association, the Bank Policy Institute, the Consumer Bankers Association, the Credit Union National Association, the Electronic Payments Coalition, the Independent Community Bankers of America, and the National Bankers Association in a letter to House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., voicing concerns on the NAFCU-opposed House companion to the Credit Card Competition Act of 2022 (CCCA). This legislation, recently introduced by Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas, aims to expand interchange price controls by creating a new credit card routing mandate. Of note, NAFCU President and CEO Dan Berger recently sent a similar letter to the House emphasizing the bill’s risk to consumers and Main Street, just as he did for the Senate’s companion bill that was introduced in July.

Senate stopgap bill would fund government through Dec. 16

The Senate on Tuesday advanced legislation in an effort to prevent a government shutdown and provide funding for federal agencies through Dec. 16. After Senator Joe Manchin, D-W.Va., conceded on the inclusion of his energy permitting package , the Senate moved forward on the legislation with a procedural vote of 72-23, and is expected to officially pass the legislation as early as Wednesday. Current federal funding is set to expire at midnight Sept. 30; NAFCU consistently advocates for continuous government funding to provide stability and certainty to credit unions and their members.

New BSA Blast covers currency transaction reports, OFAC updates, more

A new edition of NAFCU’s BSA Blast is now available on the association’s website in its user-friendly digital format with direct links to each section. The BSA Blast is a NAFCU member-only, quarterly e-newsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the BSA and related issues.

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New home sales surge in August

New home sales rose at an accelerated rate of 28.8 percent in August to 685,000 annualized units. Sales in July were revised up 21,000 units. Compared to last year, August sales were down 0.1 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.