As Congress works on legislation to pass before the end of the year, NAFCU and other groups are continuing the fight against the Credit Card Competition Act (CCCA), which would extend debit interchange routing requirements to credit cards. NAFCU has consistently raised concerns about this legislation placing additional regulatory and operational burdens on credit unions and harming consumers.
NAFCU Senior Counsel for Research and Policy Andrew Morris wrote to the NCUA to express support for proposed changes to the agency’s subordinated debt rule. The proposed amendments grant two previous NAFCU requests: to extend the treatment of Emergency Capital Investment Program (ECIP) funds as regulatory capital to reflect the maximum permissible maturity of the note, and to eliminate the 20-year maximum maturity limit in favor of a more flexible test.
In a letter sent to the Community Development Financial Institutions (CDFI) Fund Monday, NAFCU Senior Regulatory Affairs Counsel Aminah Moore explained why the association does not support proposed changes to the CDFI certification standards and instead recommends increased transparency and minimal discretion from the fund regarding all certification requirements so that new applicants and already established CDFIs can comply with a predictable process without excessive regulatory burden.
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NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to the House Financial Services Committee’s Subcommittee on Diversity and Inclusion ahead of its hearing today on economic inclusion, reiterating the pivotal role credit unions play in expanding financial access to underserved areas and support for provisions aiding community development financial institutions (CDFIs).
NAFCU Vice President of Regulatory Affairs Ann Petros called on the Environmental Protection Agency (EPA) to allow credit unions to obtain funds through the Greenhouse Gas Reduction (GHGR) Fund to support projects that reduce greenhouse gas emissions and air pollution in low-income and disadvantaged communities.
Total vehicle sales fell slightly from 15.1 million annualized units in October to 14.1 million annualized units in November, with monthly sales levels up 7.9 percent year-over-year. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in a new Macro Data Flash report.
