Interchange Legislation Could be Introduced This Week

Credit unions are calling on Congress to stop, study and start over on planned interchange fee regulations, and legislation that would do just that could be introduced later this week.

Washington Legislative Week in Review

House Bill 1327 is expected receive a hearing before the Senate Financial Institutions, Housing & Insurance Committee after some intense lobbying.The bill allows public entities to deposit public funds into federally chartered credit unions and increases the amount that may be deposited to the maximum level of NCUSIF insurance.

Opening a business account for medical marijuana operation?

Both Oregon and Washington States have statutes that legalize medical marijuana, and special interest groups and activists have plans to file initiatives and legislation to expand the legality of marijuana. So, what are the rules for providing services?

Washington Legislative Week in Review

House Bill 1327 passed the House on Saturday, February 26 by a vote of 85-12 with 1 excused. It is now expected that the bill will be referred to the Senate Financial Institutions, Housing & Insurance Committee where Association staff will work to get it scheduled for a hearing.

Congress Takes Step Back on Interchange Bill

Faced with significant pushback from credit unions and consumer advocates, Congress appears ready to re-evaluate regulations on interchange policies that would cost our members and all consumers higher fees on debit card transactions.

Compliance Question of the Week

When does the Dodd-Frank Act provision that changes the amount of next-day available funds to $200 go into effect?

A Solution to the Proposed Caps on Interchange Fees

Recent reports indicate that as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, the Federal Reserve is proposing rules that would lower interchange fees on debit card transactions to 12 cents per transaction.

Compliance Question of the Week

How long does a stop payment order remain in effect?

Oregon Legislative Week in Review

We are just one week away from Oregon’s Credit Union Day at the Capitol, and expect over 200 Credit Union Advocates to converge on the Capitol in Salem on March 29th bringing the credit union message to state legislators.

Results are in for National GAC

Within one week of the conclusion of the GAC, Sen. Mark Udall (D-Colo.) introduced legislation (the
Small Business Lending Enhancement Act, S509) increasing the authority of credit unions to make business
loans to their members. By the end of that week, 15 senators from both sides of the political aisle, had signed on as cosponsors.

Fed to Host Free Webcast on Risk-based Pricing Notices

The Federal Reserve System will conduct a webcast on risk-based pricing notices on February 16. This webinar is part of an ongoing series focused specifically on consumer compliance issues.

Treasury Releases Interim Final Rule Changing Garnishment Procedures

Late last week the Treasury released its interim final rule that will make radical changes to your credit union’s garnishment proceedings. This rule applies unless the garnishor is the Federal government or a State child protection agency.

Federal Legislative Week in Review

Senator Mark Udall (D-CO) has introduced the Small Business Lending Enhancement Act, which would raise the credit union member business lending cap to 27.5% of assets. This could provide up to $13 billion to small businesses in the first year alone and create over 140,000 new jobs at no cost to taxpayers.

Compliance Question of the Week

How can a member challenge a garnishment of an account that contains a protected payment that was not found during the look back period required under the rules from the Treasury for Garnishment of Accounts Containing Federal Benefits Payments?