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?

NWCUA Federal Legislative Week in Review

The latest news about NWCUA efforts in Washington D.C.

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.

Federal Legislative Update: Larsen to co-sponsor House Interchange Legislation

Congressman Rick Larsen (D-WA) agreed to co-sponsor H.R. 1081, the Consumers Payment System Protection Act, which would delay implementation of the proposed interchange rule for one year while the impact is studied.

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.

Credit Unions Urge Congress to Stop, Study, Start Over on Interchange

Credit unions today urged Congress to halt the progress of the Federal Reserve’s interchange proposal and study the impact that interchange changes would have on financial institutions and consumers alike before the interchange rulemaking process can continue.

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?

CUNA Regulatory Advocacy Report

It is less and less clear whether the Fed will issue the final rule on the rate setting debit interchange provisions by April 21, even though the law requires that (absent a delay) the provisions are set to take effect July 21.

Rockwell Leads Outreach Efforts

In 1988 Kasey Rockwell began her credit union journey as a teller at First Tech Federal Credit Union in Beaverton, Ore., an experience that gave her a solid understanding of the important role credit unions play in the lives of everyday people.

Advertising Rule Could Have Compliance Consequences

The National Credit Union Administration has proposed changes to advertising requirements that could force some credit unions to reduce or eliminate some of their current marketing practices.

NWCUA Federal Legislative Week in Review

The latest news about NWCUA efforts in Washington D.C.

Fed Issues Clarifications to Reg Z Provisions that Apply to Open-end Credit Plans, Including Credit Cards

The Federal Reserve Board approved a rule amending Regulation Z (Truth in Lending) to clarify aspects of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act).