The Federal Reserve on Monday issued a final rule on Regulation II -– which covers debit card interchange fees and network routing exclusivity – requiring all 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. NAFCU previously wrote to the Fed, urging the agency to withdraw the modification, stating that that this change will produce a negative impact on credit unions.
There is still time to register for NAFCU's Q3 Member Webinar – happening today at 4:00 p.m. Eastern – where credit unions can join NAFCU President and CEO Dan Berger and other association leaders to learn about the latest happenings in Washington that impact credit unions, including a recap of the 2022 Congressional Caucus and a look ahead at the upcoming midterm elections and how it impacts the industry.
NAFCU Regulatory Affairs Counsel Dale Baker Monday wrote to the NCUA in response to the proposed interagency policy statement on prudent commercial real estate (CRE) loan accommodations and workouts. If adopted, the policy statement would replace similar guidance from the Federal Financial Institutions Examination Council issued in 2009 and will be the new standard by which NCUA examiners analyze credit unions’ loan modification programs and loan loss calculation and recognition practices.
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Last week, Federal Reserve Vice Chair Lael Brainard spoke at a Fed-organized research conference at the Federal Reserve Bank of New York. In the speech, Vice Chair Brainard suggested she wants to slow down rate hikes and find a rate that will gradually bring inflation back to the Fed’s target of two percent.
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